If the Price of a Good Increases, All Else Equal

question 441

Multiple Choice

If the price of a good increases, all else equal, consumers perceive

• A)an increase in purchasing power if the good is an inferior good.
• B)an increase in income if the price increase occurs for a normal good.
• C)a decrease in purchasing power.
• D)a net gain in purchasing power if they decrease consumption of some goods.

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Definitions:

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Cells that transmit nerve impulses between parts of the body, comprising the nervous system, also known as neurons.

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A mental health condition characterized by significant mood swings, including manic episodes of high energy and depressive episodes of low mood.