The Cost of Consumption Has Two Components

question 101

Multiple Choice

The cost of consumption has two components:

• A)the substitution effect and the income effect
• B)the law of demand and the law of diminishing marginal utility
• C)the price effect and the income effect
• D)the money price and the time price
• E)saving and taxes

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Definitions:

Behavioral Techniques

Methods or strategies used to alter or influence specific behaviors in individuals or groups.

Organizational Behavior Modification

The use of behavioral techniques to reinforce positive work behavior and discourage unhelpful work behavior.

Law of Effect

A principle in psychology stating that behaviors followed by favorable consequences become more likely, while behaviors followed by unfavorable consequences become less likely.

Behavioral Perspective

A view in psychology focusing on observable behaviors and the ways in which they are learned through interactions with the environment.