An Increase in the Price of a Good Leads to A(n)

question 70

Multiple Choice

An increase in the price of a good leads to a(n) ______ in the marginal utility per dollar of that good, and thus a(n) ______ in the quantity purchased.

• A) increase; increase
• B) increase; decrease
• C) decrease; increase
• D) decrease; decrease

---

Definitions:

Case Studies

In-depth analyses of individual, group, event, or situation instances to explore causation and outcomes, often employed in social sciences and medicine.

Objectivity

The quality of being unbiased, impartial, or not influenced by personal feelings or opinions in considering and representing facts.

Self-actualization

The realization or fulfillment of one's talents and potentialities, often considered as the motive to achieve the highest personal potential in Maslow's hierarchy of needs.

Physiological Needs

Fundamental requirements for human survival, such as air, water, food, shelter, and sleep, forming the base level of Maslow's hierarchy of needs.