In a Market Economy, a Significant Change in Consumers' Desire

question 196

Multiple Choice

In a market economy, a significant change in consumers' desire for product X will

• A) alter the profits or losses received by suppliers of product X.
• B) cause a reallocation of scarce resources.
• C) cause some industries to expand and others to contract.
• D) do all the things mentioned in the other answers.

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Definitions:

Ethnocentrism

The belief in the superiority of one’s own ethnic group or culture, often accompanied by a disdain for other groups.

Multicultural Sensitivity

The awareness and appreciation of cultural differences and the ability to act appropriately in a variety of cultural contexts.

Cultural Competence

A rephrased definition for Multicultural Competence: The skillset enabling individuals to work or engage effectively in cultural settings different from their own, respecting various cultural norms and values.

Ramadan

The ninth month of the Islamic calendar, observed by Muslims worldwide as a month of fasting, prayer, reflection, and community.