Ceteris Paribus , If Consumer Tastes Change So That More

question 18

Multiple Choice

Ceteris paribus , if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?

• A) Price will increase, and quantity will increase.
• B) Price will decrease, and quantity will decrease.
• C) Price will decrease, and quantity will increase.
• D) Price will increase, and quantity will decrease.

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Definitions:

Clerical Costs

Expenses related to the administrative functions of an office, including salaries of office staff, stationery, and office supplies.

Standard Costs

Estimated or predetermined costs of manufacturing, selling, and administering a product or service.

Expected Future Costs

Projected expenses that a company anticipates incurring in the pursuit of its future activities.

Unavoidable Waste

Waste that cannot be prevented due to the nature of the production process or operational constraints.