Consumers Buy Less of a Good as Its Price Increases

question 328

Multiple Choice

Consumers buy less of a good as its price increases because

• A) production costs have risen.
• B) substitute goods are now relatively cheaper.
• C) the income of consumers has effectively risen.
• D) the higher price will make the good more valuable to each consumer.

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Definitions:

Heritability

The proportion of variation in traits among individuals that can be attributed to genetic factors.

Environment

The environment refers to the natural and artificial settings in which a person, animal, or plant exists and functions.

Heritability

A measure of how much of the variation in a trait within a population can be attributed to genetic differences among individuals.

Biological Parents

The individuals who are the genetic parents to a child, contributing the DNA through conception.