If a 2 Percent Increase in the Price of Product

question 82

Multiple Choice

If a 2 percent increase in the price of product X causes the demand for product Y to increase by 6 percent,then:

• A) X and Y are substitutes.
• B) X and Y are complements.
• C) X and Y are independent goods.
• D) the demand for X is elastic.

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Definitions:

Reality Shock

The feeling of surprise and disorientation experienced when encountering a situation vastly different from what was anticipated, often in a professional context.

Subconsciously Guide

Describes the process of influencing actions or decisions in a manner that is not fully conscious or aware.

Organizational Culture

The set of shared values, beliefs, behaviors, and practices that characterizes an organization, influencing how people interact and work together within it.

Organizational Socialization

The process by which a new employee learns the organizational values, norms, and required behaviors which permit him to participate as a member of the organization.