The Tendency for Consumers to Purchase More of a Good

question 114

Multiple Choice

The tendency for consumers to purchase more of a good or service as its price falls is called the

• A) law of supply.
• B) law of increasing cost.
• C) cost-benefit principle.
• D) law of demand.
• E) law of diminishing marginal utility.

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Definitions:

Conditioning

A learning process whereby an organism comes to associate two stimuli, leading to a change in behavior.

Observing

The action of carefully watching someone or something, often for the purpose of collecting data or information.

Reciprocal Determinism

A concept in psychology that posits an individual's behavior is both influenced by and is influential upon their environment and personal factors.

Internal Personal Factors

Characteristics or attributes within an individual, such as beliefs, values, and personality traits, that influence behavior and perception.