When Small Changes in Price for Consumer Products Can Result

question 67

Multiple Choice

When small changes in price for consumer products can result in large increases or decreases in demand for the facilities and equipment needed to make the consumer product, it is referred to as _____ demand.

• A)horizontal
• B)fluctuating
• C)discrete
• D)unit

Identify and analyze the role of stereotypes in guiding social cognition and behavior.

Understand the significance of social psychology principles in everyday interactions.

Demonstrate knowledge of factors affecting interpersonal attraction and relationships (proximity, similarity).

Illustrate the operation of cognitive biases in social perception (actor-observer bias, self-serving bias).

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Definitions:

Benchmarks

Benchmarks are standard points of reference against which performance, quality, or value can be measured, often used for comparison in business, finance, and industry.

Top-Down Budgeting

A budgeting approach where the budget is created by the top management and then distributed down through the ranks of the organization.

Sales Forecasts

Predictions of the future sales performance of a company, typically based on historical data, market trends, and economic conditions.

Participative Budgeting

A budgeting process where employees at all levels are involved in the development of the budget, enhancing its acceptance and usefulness.