-Consider the Demand Curves for Soft Drinks Shown in the Figure

question 45

Multiple Choice

-Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. What of the following could result in a movement to point b?

• A) an increase in the price of bottled water
• B) a decrease in the price of bottled water
• C) an increase in the opportunity cost of soft drinks
• D) a decrease in the relative price of a soft drink

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Definitions:

Satisficing

A decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution, due to limitations in time, resources, or information.

Optimal

describes the most advantageous condition or level of efficiency that can be achieved under specific circumstances.

Acceptable

Describes standards or conditions that are generally agreed upon as satisfactory or adequate.

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