While Evaluating an Idea,a(n)_____ Test Is Used to See What

question 34

Multiple Choice

While evaluating an idea,a(n) _____ test is used to see what potential consumers thought about it.

• A)utility
• B)feasibility
• C)concept
• D)construct

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Definitions:

Labor-supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.

Elasticity Positive

Positive elasticity indicates that when the price of a good or service increases, the quantity demanded increases, or vice versa, showing a direct relationship between price and demand.

Income Elasticity

The responsiveness of the demand for a good to a change in an individual’s income.

Normal Good

A type of good for which demand increases as the income of the consumer increases, showing a positive correlation between income and demand.