If,in Response to an Increase in the Price of Chocolate,the

question 72

Multiple Choice

If,in response to an increase in the price of chocolate,the quantity demanded of chocolate decreases economists would describe this as

• A) a decrease in demand.
• B) a decrease in quantity demanded.
• C) a change in consumer income.
• D) a decrease in consumers' taste for chocolate.

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Definitions:

Unemployment

The condition of being jobless and actively seeking employment, often used as a key indicator of economic health.

Great Depression

A severe worldwide economic downturn that lasted from the late 1920s through the 1930s, leading to mass unemployment and economic hardship.

Deprivation

The state of being deprived of basic needs or comforts, often leading to adverse physical and psychological effects.

West Coast

The westernmost region of the United States, known for its diverse landscapes, significant technological and entertainment industries, and vibrant cultural scenes.