When Product Prices Change, Consumers Are Inclined to Purchase Larger

question 242

Multiple Choice

When product prices change, consumers are inclined to purchase larger amounts of the now cheaper products and less of the now dearer products.This describes:

• A)the cost effect.
• B)the price effect.
• C)the income effect.
• D)the substitution effect.

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Definitions:

Domain

The set of all possible input values for a function.

Rational Function

A function represented by the ratio of two polynomials.

Rational Expression

A ratio of two polynomials.

Simplify

The process of reducing an expression or equation to its simplest form, often by combining like terms or applying mathematical operations.