Refer to Scenario 3

question 297

Multiple Choice

Refer to Scenario 3.2 below to answer the question(s) that follow.
SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.
-Refer to Scenario 3.2. The floods that destroyed part of the lettuce crop would have caused the equilibrium price of spinach to ________ and the equilibrium quantity of spinach to ________.

Grasp the types and purposes of training evaluation designs, including post-only and time series designs.

Comprehend the categories measured by the COMA evaluation model.

Recognize the importance and types of reaction measures in training evaluation.

Identify appropriate training evaluation approaches to determine program effectiveness.

Definitions:

Monopolistic Competitive

A market structure characterized by many firms selling products that are substitutes but differentiated from one another, leading to non-price competition.

Short Run

A period in economics during which at least one input, such as plant size, is fixed and cannot be changed by a firm.

Long Run

In economics, a period during which all factors of production and costs are variable, and firms can enter or exit the market.

Nonprice Competition

A marketing strategy in which businesses attempt to attract customers through methods other than lowering prices, such as product differentiation, quality, service, and advertising.