When a Rise in the Price of One Item Results

question 159

Multiple Choice

When a rise in the price of one item results in a decrease in the demand for another good, then the two goods are

• A) substitute goods.
• B) complementary goods.
• C) inferior goods.
• D) satisfying the law of supply.

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Definitions:

Mathematical Techniques

Methods derived from mathematical principles used to solve problems in various fields such as economics, engineering, and physics.

Contingency Thinking

Thinking that tries to match management practices with situational demands.

Responses

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Open System

A concept in systems theory where an organization is seen as being open to, and interacting with, its environment in a dynamic exchange of information, energy, and resources.