Which One of the Following Would Lead to an Increase

question 67

Multiple Choice

Which one of the following would lead to an increase in the demand for hamburgers?

• A)a new fad hamburger diet
• B)a decrease in population size
• C)a rise in the price of French fries, a complement of hamburgers
• D)a decrease in consumer income if hamburgers are a normal good
• E)a news report that hamburgers can cause skin diseases

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Definitions:

Behavioral Economics

An area within economics that investigates the influence of emotional, psychological, cognitive, social, and cultural elements on the economic decision-making of both individuals and institutions.

Tax Burden

The financial charge or other levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

Economically Rational

Decision-making based on the principle of maximizing benefits while minimizing costs and resources.

Myopia

Refers to the difficulty human beings have with conceptualizing the more distant future. Leads to decisions that overly favor present and near-term options at the expense of more distant future possibilities.