Which of the Following Is True When the Price of a Good

question 30

Multiple Choice

Which of the following is true when the price of a good or service rises?

• A)Buyers who were already buying the good or service are better off.
• B)Some buyers exit the market.
• C)The total consumer surplus in the market increases.
• D)The total value of purchases before and after the price change is the same.

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Definitions:

Alertness

Promptness in recognizing and reacting to new information or changes in the environment.

Opportunities

Situations or conditions that present chances for progress, advancement, or profit.

Rationally

Pertaining to the use of reason or logical thinking in the decision-making process, often involving analytical and critical methods to solve problems.

Prior Knowledge

The information, understanding, and skills that an individual already possess before learning new information or gaining new experiences.