If the Price of a Good Increases, Other Things Held

question 147

Multiple Choice

If the price of a good increases, other things held constant, then

• A)more resources might flow into the production of the good.
• B)the good has become less scarce than all other goods.
• C)the relative price of the good decreases.
• D)either buyers or sellers respond to the new price, whereas the opposite group does not.
• E)the good becomes more desirable to consumers.

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Definitions:

Tylor

Refers to Edward Burnett Tylor, a 19th-century anthropologist known for his pioneering work in cultural anthropology and the concept of animism.

Evolutionistic Theoretical Approach

An approach in various disciplines that uses concepts of evolution to explain changes and developments, suggesting that entities progress through a series of gradual changes.

Religious Beliefs

Systems of faith and worship; the conviction in the existence of a higher power or powers.

Fundamentalism

A strict adherence to specific theological doctrines typically in a reaction against modernist theories, often associated with a literal interpretation of religious texts.