The Income Effect of an Increase in the Price of Backpacks

question 37

Multiple Choice

The income effect of an increase in the price of backpacks, a normal good, is a(n) _____

• A) decrease in the demand for backpacks.
• B) decrease in the quantity of backpacks demanded.
• C) decrease in the supply of backpacks.
• D) increase in the quantity of backpacks demanded.
• E) increase in the quantity of backpacks supplied.

Recognize HR's openness to complaints and compliments and its role in organizational culture.

Understand the misconceptions surrounding informal channels of communication.

Grasp the strategic alignment of HR activities with overall organizational strategies.

Identify critical attributes of compensation and the timing for reviewing position descriptions.

---

Definitions:

Federal Government

The national government of a federal country, which holds the central political authority, distinct from regional or state governments within the same country.

Business Contract

A legally binding agreement between two or more parties that outlines the terms and conditions of business transactions.

Civil Law

A legal system based on written codes and statutes, as opposed to common law, which is based on judicial decisions and precedent.

Criminal Law

A system of law focused on the punishment of individuals who commit crimes.