The Price of a New Textbook Increases from $75 to $90

question 131

Multiple Choice

The price of a new textbook increases from $75 to $90 while the price of used copies of the textbook increases from $50 to $65. Other things equal, we would expect to observe

• A) the quantity demanded of the used textbook to increase while the quantity demanded of the new textbook to fall.
• B) the quantity demanded of both to fall.
• C) the demand for the new textbook to increase while the demand for the used textbook to decrease.
• D) the quantity demanded of the used textbook to decrease and the quantity demanded of the new textbook to increase.

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Definitions:

Sensory Store

The initial process of storing sensory information after it is received, lasting for a very brief period.

Attention

The cognitive process of selectively concentrating on one aspect of the environment while ignoring other things.

Selectively

The act of choosing specific items or data while ignoring others based on certain criteria.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.