If, in Response to a Decrease in the Price of Grapes

question 227

Multiple Choice

If, in response to a decrease in the price of grapes, the quantity of grapes demanded increases, economists would describe this as

• A)an increase in demand.
• B)an increase in quantity demanded.
• C)a change in consumer income.
• D)an increase in consumers' taste for grapes.

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Definitions:

Buyer's Thinking

The thought process and considerations of potential customers as they decide whether or not to purchase a product or service.

Price Objection

A concern or hesitation raised by a potential buyer about the cost of a product or service.

Economic Excuses

Reasons given for not purchasing a product or service based on financial constraints or budget considerations.

Money Objection

In sales, a customer's resistance or hesitation to make a purchase based on the price or cost of the product or service.