How is consumer behavior affected by the "income effect"?
What will be an ideal response?
The income effect refers to the change in the quantity of a product demanded by consumers due to a change in their income. Generally, as people's income increases, their spending behavior changes: they tend to shift their demand from lower-priced products to higher-priced alternatives. Conversely, when incomes drop, consumers turn to less expensive alternatives or purchase less.
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Which sales presentation method is best for selling group insurance policies to organizations?
A. Need-satisfaction B. Problem-solution C. Formula sales approach D. Transactional selling E. Canned sales approach
The cash payments in November for payment for the new machine of Great Lake are expected to be
A) $500. B) $1,500. C) $4,500. D) $5,000.
Which of the following forms of leadership can exert influence over an individual’s behavior?
a. Externally oriented b. Participative c. Self-leadership d. All of the above
The ________ environment refers to the local, state, national, and global laws and regulations that affect businesses
A) political and legal B) sociocultural C) economic D) technological E) natural