Solved

Consumers Buy Less of a Good as Its Price Increases

Question 328

Multiple Choice

Consumers buy less of a good as its price increases because


A) production costs have risen.
B) substitute goods are now relatively cheaper.
C) the income of consumers has effectively risen.
D) the higher price will make the good more valuable to each consumer.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q323: Table 3-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Table 3-1

Q324: Other things constant, an increase in consumer

Q325: What impact would a severe drought that

Q326: If the demand for a good decreased,

Q327: Consider a stock with a 50 percent

Q329: Which of the following would most likely

Q330: Currently, about _ of U.S. households own

Q331: Figure 3-19 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7348/.jpg" alt="Figure 3-19

Q332: The present value of $1 million to

Q333: Which of the following provides the strongest