If the Price of a Good Increases, All Else the Same

question 283

Multiple Choice

If the price of a good increases, all else the same, then the consumer's total utility will

• A) increase.
• B) decrease.
• C) remain the same as consumption shifts to cheaper goods.
• D) decrease if there are no substitutes for the good and remain the same if there are substitutes for the good.

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Definitions:

Cross-Sectional

In research, a study that examines a population or a phenomenon at a single point in time, allowing for snapshot comparisons.

Centration

A cognitive limitation in early childhood thinking, where a child focuses on one aspect of a situation, neglecting other important features.

Piaget

A Swiss psychologist known for his pioneering work on the development of children's cognitive abilities through stages.

Reflexes

Automatic, involuntary responses to specific stimuli that do not require conscious thought.