When the Price of a Good Increases, All Else Held

question 66

Multiple Choice

When the price of a good increases, all else held equal, which of the following does not occur?

• A)The slope of the budget line changes.
• B)The consumer's indifference curves shift.
• C)Utility decreases.
• D)Quantity demanded decreases.
• E)The budget line shifts inward along that good's axis.

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Definitions:

Need Theory

A psychological theory postulating that human motivation is influenced by a set of innate needs.

Career Planning

Career Planning is the continuous process of setting individual career goals and mapping out the path to achieve them, considering various opportunities and challenges.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, referring to the realization of an individual's potential, self-fulfillment, and personal growth.

Cognitive Need

A psychological term that refers to an individual's desire to acquire new knowledge and understandings, contributing to their intellectual development.