When the Relative Price of a Good Increases, How Will

question 81

Multiple Choice

When the relative price of a good increases, how will consumers respond?

• A) by buying more of it and its substitutes
• B) by buying less of it and its substitutes
• C) by buying less of it and more of its substitutes
• D) by buying more of it and less of its substitutes

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Definitions:

Structure

The arrangement or organization of something, especially relating to physical form or construction.

Hydroxyl Group

A functional group consisting of an oxygen atom bonded to a hydrogen atom (-OH) and found in alcohols and phenols.

Functional Groups

Certain assemblages of atoms found in molecules which determine the characteristic chemical behaviors of those molecules.

Alcohol

An organic compound characterized by one or more hydroxyl (-OH) groups attached to a carbon atom.