If the Price of an Apple Increases from 50¢ to 60¢

question 539

Multiple Choice

If the price of an apple increases from 50¢ to 60¢, the quantity demanded will decrease because of

• A) the substitution and income effects.
• B) a change in income.
• C) the substitution effect only.
• D) the income effect only.

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Definitions:

Ethical Behavior

Conducting oneself in accordance with recognized moral principles or accepted standards of right and wrong in all professional and personal actions.

Moral Development

The process by which individuals learn and apply concepts of right and wrong, influencing their behavior and attitudes.

Relativist Perspective

A philosophical standpoint that asserts moral values and ethics vary between cultures, societies, or individuals and are not absolute.

Teleology

The doctrine that final causes, or purpose, exist in nature, and everything has a purpose or goal that influences its form and function.