The Principle That Consumers Tend to Buy Less of a Good

question 50

Multiple Choice

The principle that consumers tend to buy less of a good or service when its price increases, all else held equal, is called the law of

• A)preferences.
• B)increasing cost.
• C)demand.
• D)supply.
• E)maximum satisfaction.

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Definitions:

Mexican War

Also known as the Mexican-American War (1846-1848), a conflict between the United States and Mexico that resulted in the U.S. acquisition of territories in the western portion of North America, including California and New Mexico.

Annexation

The act of incorporating a land area into another political entity, such as a country or state, often implying a forceful or unilateral acquisition.

Statehood

The status attained by a region or territory when it becomes a recognized state within a federal system or an independent nation, often involving a legal and constitutional process.

Presidential Election

The process by which the president of a country is elected, often involving a national vote.