_____ Is the Study of What People Think, Feel, and Do

question 38

Multiple Choice

_____ is the study of what people think, feel, and do in and around organizations.

• A)OB
• B)Marketing
• C)Sociology
• D)Psychology
• E)Communication

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite to what is observed with normal goods.

Diminishing Marginal Utility

The principle that as a person consumes more of a good, the satisfaction (utility) gained from consuming an additional unit decreases.

Total Satisfaction

The total amount of pleasure or utility that a consumer receives from consuming a certain quantity of goods or services.

Utility-Maximizing

The process of adjusting consumption of goods and services to achieve the highest possible level of satisfaction or utility.