If the Price of Potato Chips Increases, Other Things Constant

question 146

Multiple Choice

If the price of potato chips increases, other things constant, demand for potato-chip dip will

• A)not change; only quantity demanded will change
• B)increase because the goods are substitutes
• C)decrease because the goods are substitutes
• D)decrease because the goods are complements
• E)increase because the goods are complements

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Definitions:

Socio-Economic

Relating to or concerned with the interaction of social and economic factors.

CSR

Corporate Social Responsibility, a business model in which companies integrate social and environmental concerns in their operations and interactions with their stakeholders.

Broader Welfare

A concept referring to the general health, happiness, and well-being of a population or community.

Virtuous Circle

What occurs when socially responsible behaviour improves financial performance, which leads to more responsible behaviour in the future.