Linesha, a University Student Working Part-Time, Receives a Wage Increase

question 76

Multiple Choice

Linesha, a university student working part-time, receives a wage increase.An avid movie buff, she increased her purchases of Blu-ray discs and reduced her purchases of DVDs.Based on this information,

• A)DVDs and Blu-ray discs are substitutes.
• B)Blu-ray discs are normal goods and DVDs are inferior goods.
• C)DVDs and Blu-ray discs are normal goods.
• D)the cross-price elasticity between DVDs and Blu-ray discs is negative.

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Definitions:

Heuristics

Mental shortcuts or rules of thumb that simplify decision making.

Rules Of Thumb

Rules of thumb are general principles derived from practice or experience, serving as informal guidelines rather than strict regulations or measures.

Knowledge Management

Refers to the process of creating, sharing, using, and managing the knowledge and information of an organization to achieve its objectives.

Delivering

The act of carrying something to a person or place, or the process of achieving something as promised or expected.