If, in Response to a Decrease in the Price of Grapes

question 105

Multiple Choice

If, in response to a decrease in the price of grapes, the quantity of grapes demanded increases, economists would describe this as

• A) an increase in demand.
• B) an increase in quantity demanded.
• C) a change in consumer income.
• D) an increase in consumers' taste for coffee.

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Definitions:

Merit-Based Increase

Salary increases awarded to employees based on their performance, achievement, or accomplishments rather than tenure or seniority.

Merit Raises

Salary increases based on an employee's performance as assessed through evaluations, rewarding good work.

Performance Appraisal System

A systematic process by which an employee's job performance and productivity are evaluated by their supervisor or manager.

Piece Rate Pay Systems

A compensation method where employees are paid a fixed rate for each unit they produce or task they complete, incentivizing productivity.