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"For a global business, organizational structure is not important." Do you agree with this statement? Defend your position.
Income Effect
The change in an individual's or economy's consumption patterns due to a change in real income.
Substitution Effect
The change in consumption patterns due to a change in the relative prices of goods, holding the consumer's utility level constant.
Income Effect
The modification of income for people or economies and how this adjustment affects their purchasing desires for goods or services.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, typically because consumers can afford better alternatives.
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