Engineers, Scientists, or Architects, Who Design New Products or Services

question 52

Multiple Choice

Engineers, scientists, or architects, who design new products or services for a firm, belong to which level of a business hierarchy?

• A) middle management
• B) production workers
• C) knowledge workers
• D) data workers

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Definitions:

Butter And Margarine

These are two types of spreads commonly used as alternatives to each other; butter is made from animal fat while margarine is made from vegetable oils.

Water And Lemons

This may refer to the economic theory illustrating the concept of asymmetric information, where sellers have more information about the product quality than buyers, as famously exemplified in Akerlof’s “The Market for Lemons.”

Cross-Price Elasticity

A measure of how the demand for one good responds to a change in the price of another good, reflecting substitutes or complements.

Demand

The quantity of a good or service consumers are willing and able to purchase at various prices during a specified time period.