Suppose There Is a Permanent Shift of Consumer Preferences Away

question 52

Multiple Choice

Suppose there is a permanent shift of consumer preferences away from pretzels and toward potato chips. The most likely result would be

• A) in the short run, economic losses in the potato chip market.
• B) in the long run, a fall in the supply of potato chips.
• C) in the short run, a rise in the price of pretzels.
• D) short-run profits in the potato chip market increase.

---

Definitions:

Negative Reactions

Unfavorable responses or feedback to stimuli, events, or actions.

Values

Fundamental beliefs or principles that guide behavior and decision-making, often reflecting what is important to an individual or culture.

Attitudes

Enduring sets of beliefs and feelings about people, objects, or concepts that influence behavior.

Specific People

Specific people refers to individuals who are identified or distinguished within a particular context or situation.