The Law of Demand States That

question 169

Multiple Choice

The law of demand states that

• A)quantity demanded is inversely related to price
• B)quantity demanded is directly related to income
• C)marginal utility is inversely related to quantity consumed
• D)total revenue is directly related to price
• E)demand curves are linear

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Definitions:

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept that power is distributed unequally.

High-Power-Distance Cultures

Cultures in which there is a great deal of acceptance and expectation of unequal power distribution among people, institutions, and organizations.

Rank

The position or level of importance within a hierarchy or organization.

Market-Entry Strategies

The planned methods of delivering goods or services to a new target market and establishing a presence in that market.