If the Price of a Product Rises, Consumers Buy Less

question 142

Multiple Choice

If the price of a product rises, consumers buy less of the good because the:

• A) MU/P of the good falls below the MU/P of other goods.
• B) MU/P of the good rises above the MU/P of other goods.
• C) marginal utility of the good diminishes.
• D) total utility of the good diminishes.
• E) marginal utility of the good rises.

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Definitions:

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