A Consumer's Willingness to Pay Additional Money for Time-Saving Goods

question 25

Multiple Choice

A consumer's willingness to pay additional money for time-saving goods depends primarily on _____

• A)the opportunity cost of his or her time.
• B)the wealth and property he or she possesses.
• C)his or her social status.
• D)the number of people in his or her household.
• E)the distance between his or her home and workplace.

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Definitions:

Performance Appraisal

A formal assessment process in which an employee's job performance is evaluated, typically by their manager, using established standards to guide improvements and professional development.

Rating Scales

Tools or instruments used to assign a value to a variable or to measure a subject's behavior, feelings, or perceptions along a continuum.

Structured Interviews

An interview technique where all candidates are asked the same set of predetermined questions in the same order.

Halo Error

A bias in performance appraisals that occurs when an evaluator's overall impression of a person influences their judgment about specific qualities.