Which of the Following Is True When the Price of a Good

question 30

Multiple Choice

Which of the following is true when the price of a good or service rises?

• A)Buyers who were already buying the good or service are better off.
• B)Some buyers exit the market.
• C)The total consumer surplus in the market increases.
• D)The total value of purchases before and after the price change is the same.

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Definitions:

Promising Option

A choice or decision that shows potential to yield beneficial results based on preliminary evidence or analysis.

Dominant Option

A choice or alternative considered superior or more advantageous compared to others in a decision-making scenario.

Power Differential

The disparity in influence or authority between individuals or groups, affecting interactions and outcomes.

Illusion of Control

The tendency for individuals to overestimate their ability to control events or outcomes.