Which of the Following Statements Is True in the Context

question 93

Multiple Choice

Which of the following statements is true in the context of need recognition?

• A) Cognitive thought processes do not change the desired state.
• B) Opportunity recognition involves changing the actual state.
• C) Need recognition invariably triggers all the other activities found in the decision-making process.
• D) Consumers do not satisfy all the needs as soon as they are recognized.

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Definitions:

Natural Rate

The natural rate is often described as the rate of unemployment where the labor market is in equilibrium, including frictional and structural unemployment but no cyclical unemployment.

Expected Inflation

The projection of the rate at which prices of goods and services will rise over a specific period in the future.

Expected Inflation

The rate at which the general level of prices for goods and services is expected to rise.

Short-run Phillips Curve

A graphical representation that shows the inverse relationship between the rate of unemployment and the rate of inflation in an economy over the short term.