Multiple Choice
If the price of a product rises, consumers buy less of the good because the:
A) MU/P of the good falls below the MU/P of other goods.
B) MU/P of the good rises above the MU/P of other goods.
C) marginal utility of the good rises.
D) total utility of the good diminishes.
Correct Answer:
Verified
Correct Answer:
Verified
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