If the Price of a Good Rises, Then the Equilibrium

question 50

Multiple Choice

If the price of a good rises, then the equilibrium consumption of that good

• A)increases if it is an inferior good.
• B)decreases if it is a normal good.
• C)remains the same.
• D)none of the statements associated with this question are correct.

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Definitions:

Ego

In psychoanalytic theory, the part of the psyche that mediates between the instinctual desires of the id, the moral and social demands of the superego, and reality.

Rule-Oriented

Pertains to systems, behaviors, or activities that are governed by a specific set of rules or protocols.

Moral

Being related to principles of right and wrong behavior, moral often refers to the ethical judgments and actions considered acceptable by a society or individual.

Ethical

Relating to moral principles or the branch of knowledge dealing with these, often guiding conduct in personal and professional contexts.