Demand Functions Are "Homogeneous of Degree Zero in All Prices

question 36

Multiple Choice

Demand functions are "homogeneous of degree zero in all prices and income." This means

• A)a proportional increase in all prices and income will leave quantities demanded unchanged.
• B)a doubling of all prices will not alter consumption decisions.
• C)prices directly enter individuals' utility functions.
• D)an increase in income will cause all quantities demanded to increase proportionately.

Understand the concept of higher order conditioning and its effects on behavior.

Understand the various stages of ethical development and identify them in given scenarios.

Learn the mechanisms and importance of ethical, social, and environmental audits in a business context.

Recognize actions and decisions that can impact a company's ethical climate.

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Definitions:

Here and Now

A focus on the present moment, often emphasizing awareness and mindfulness in the current situation.

External

Pertaining to or existing outside of the mind or an individual, originating from or situated in the external environment.

Process Debriefing Groups

A method used in psychology and organizational training where participants reflect on a completed task or process, focusing on what happened, why it happened, and how to improve in the future.

Brainstorming

A creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.