An Increase in the Price of a Product Will Reduce

question 168

Multiple Choice

An increase in the price of a product will reduce the amount of it purchased because:

• A) supply curves are upsloping.
• B) the higher price means that real incomes have risen.
• C) consumers will substitute other products for the one whose price has risen.
• D) consumers substitute relatively high-priced for relatively low-priced products.

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Definitions:

Social Schemas

Frameworks or cognitive structures that help individuals organize and interpret information about the social world according to categories and rules.

Prejudice

An unjustified or incorrect attitude (usually negative) towards an individual based solely on the individual's membership of a social group.

Internal Attribution

Refers to the process of assigning the cause of behavior to some characteristic within the individual, such as personality, disposition, or attitude.

External Attribution

The process of attributing the cause of one's own or others’ behavior to factors outside the person, such as the social or physical environment.