When a Consumer Experiences a Change in Price, What Two

question 12

Multiple Choice

When a consumer experiences a change in price, what two effects do economists consider?

• A)the preference effect and the budget effect
• B)the income effect and the substitution effect
• C)the price effect and the preference effect
• D)the complement effect and the substitute effect

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Definitions:

Scorecard Cascading

The use of multiple scorecards, with scorecards divided into smaller, division- and job-specific scorecards so that all individuals throughout a company support the overriding strategy of the company.

Decentralized Corporation

A business structure where decision-making is distributed among various managers and departments, rather than being concentrated at the top level.

Balanced Scorecard

A system for strategic planning and management designed to align organizational activities with its vision and strategy.

Customer Satisfaction Ratings

A measure used to quantify the degree to which a customer is happy with a product, service, or experience.