Assume That Store Brand Cereal Is an Inferior Good

question 118

Multiple Choice

Assume that store brand cereal is an inferior good.If income rises,then the price of store brand cereal will ________ and the quantity sold of store brand cereal will _______.

• A)rise;rise
• B)rise;fall
• C)fall;fall

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Definitions:

Cognitive Dissonance Theory

A theory which suggests that individuals experience discomfort, termed dissonance, when holding two or more conflicting cognitions, leading them to change their attitudes, beliefs, or behaviors.

Dating Service

A business or platform that facilitates introductions between individuals for the purpose of finding romantic partners.

Collectivist Cultures

Societies that prioritize the needs and goals of the group over individual desires or ambitions.

Interdependence

The mutual reliance between two or more groups, organisms, or objects where each influences or controls the existence or actions of the others.