A Change in Price, a Product Improvement, or a Technological

question 49

True/False

A change in price, a product improvement, or a technological advancement can affect the demand for substitute products.

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Definitions:

Consensus

A general agreement or shared understanding among a group of people, often achieved through collective decision-making processes.

Laissez-faire Decision Making

A management style that involves a minimal amount of oversight and control, allowing individuals or groups to make decisions independently.

Reference Group

A social group that individuals use as a standard to evaluate themselves and their own behavior.

Class Reunions

Social gatherings where individuals who were part of the same academic graduating class come together to reminisce and catch up on life post-graduation.