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Eric is in a group with five other management trainees at Coca-Cola.Eric's group is competing against other management trainees at the firm in a simulated marketplace.Each group must decide how much to spend on advertising and how many products to manufacture over the next three years.In which of the following activities is Eric most likely participating?
Leisure
Free time when individuals are not working, which can be used for rest, recreation, or personal activities.
Opportunity Cost
The worth of the best option that was given up to make a choice.
Leisure
Free time when one is not working or occupied; time available for ease, relaxation, and activities one enjoys.
Substitution Effect
Changes in what consumers purchase, brought about by alterations in the relative costs of goods, persuading consumers to opt for alternatives over their usual choices.
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