Suppose Consumer Tastes and Preferences Shift from Pizza to Tacos

question 100

Multiple Choice

Suppose consumer tastes and preferences shift from pizza to tacos. In the short run case, these changing tastes will result in pizza restaurants ________ pizza prices and taco restaurants ________ taco prices.

• A) increasing; decreasing
• B) decreasing; increasing
• C) decreasing; decreasing
• D) increasing; increasing

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Definitions:

Absolute Truth

A fact or principle that is believed to be universally valid, independent of context or situation.

Intellectual Development

The growth and change in intellectual capabilities, such as learning, thinking, reasoning, and problem-solving.

Authority Figures

Individuals who hold power or control in social structures, typically held in high regard and expected to be obeyed and respected.

Crossover Effect

Shifts in behaviors such as drug use that is related to age and race, such that the relative frequency of a behavior reverses between or over time. For example, White female marijuana users use more often than Black female users until their mid-twenties when frequency of use for Black female users matches or exceeds that of White female users.