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

question 356

Multiple Choice

If,in response to a decrease in the price of coffee,the quantity of coffee 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:

Top Down Plans

Planning approach that begins at the highest level of an organization and cascades down, where objectives, strategies, and plans are decided upon at the top and then implemented in successive layers below.

Bottom Up Planning

A planning approach that starts at the operational level, with each segment or department developing its own plans to contribute to the overall strategic goals of the organization.

Aggressive Optimism

A mindset or strategy characterized by a high degree of confidence and assertiveness in action or decision-making, often in the context of investments or business growth.

Conservatism

An accounting principle that dictates reporting expenses and liabilities as soon as possible, but revenue only when it is ensured.