As Part of the Observable Culture of an Organization, Norms

question 205

True/False

As part of the observable culture of an organization, norms are the ceremonies and meetings that celebrate important occasions and performance accomplishments.

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Definitions:

Substitution Effect

The substitution effect occurs when consumers replace more expensive items with less costly alternatives.

Income Effect

A change in the quantity demanded of a good or service as a result of a change in real income (purchasing power).

Inferior Good

A type of good for which demand declines as the income of individuals or the economy increases, opposite to normal goods.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute a cheaper good for a more expensive one.