If the Price of Product L Increases, the Demand Curve

question 342

Multiple Choice

If the price of product L increases, the demand curve for close-substitute product J will

• A) shift downward toward the horizontal axis.
• B) shift to the left.
• C) shift to the right.
• D) remain unchanged.

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Definitions:

Vulva

The external part of the female genital organs, including the labia majora, labia minora, clitoris, and the opening of the vagina.

Consumer Surplus

The discrepancy between the aggregate amount consumers can and will pay for a product or service and the actual amount they pay.

Total Utility

The total satisfaction or benefit received by consuming a given total quantity of a good or service.

Marginal Utility

The additional utility derived from consuming one more unit of some good or service.