Ceteris Paribus,if the Opportunity Cost of Purchasing a Good Rises,then

question 25

Multiple Choice

Ceteris paribus,if the opportunity cost of purchasing a good rises,then the maximum price a particular consumer is willing to pay for that good

• A)Does not change since the demand curve does not change.
• B)Decreases.
• C)Increases.
• D)Decreases as long as supply also falls.

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Definitions:

Consumer View

Refers to the perspective or approach taken by consumers when assessing, purchasing, or using goods and services.

Cash Gifts

Money given to someone without any expectation of repayment, often as a form of financial support or to mark a special occasion.

Noncash Gifts

Donations or gifts given in forms other than cash or cash equivalents, such as property, goods, or services.

Consumer Preferences

The inclination or tendency of consumers to favor certain products, brands, or services over others, based on factors like price, quality, convenience, and personal tastes.