Refer to the Following Graph to Answer the Question

question 5

Multiple Choice

Refer to the following graph to answer the question: Suppose price rises from $90 to $110.Using representative arrows,the quantity effect is a relatively ________ (short,long) arrow pointing _______ (upward,downward) .

• A)short; upward
• B)short; downward
• C)long; upward
• D)long; downward

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Definitions:

Consumer Purchase Decision

The process a consumer goes through in choosing a particular product or service, influenced by internal and external factors.

Financial Transaction

An agreement or exchange between two parties involving the transfer of money, goods, services, or property.

Alternative Evaluation

The process in which consumers assess various products, brands, or services to make an informed decision before making a purchase.

Consumer Purchase Decision

The process through which a consumer goes to select, purchase, use, and dispose of goods or services.