When the Price of a Commodity Rises, We Can Expect

question 124

Multiple Choice

When the price of a commodity rises, we can expect

• A)marginal utility of the last unit purchased will rise.
• B)marginal utility of the last unit purchased will fall.
• C)marginal utility of the last unit purchased will be unaffected.
• D)purchases to rise because of the increased marginal utility.

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Definitions:

Injunctive Norm

A social norm that prescribes how individuals should behave in a given context, based on the approval or disapproval of others.

Counternormative

Behaviors or practices that go against social norms or expectations, challenging conventional standards.

Negative Reinforcement

A behavior modification technique where the removal of an unpleasant stimulus strengthens the future behavior it follows.

Descriptive Norms

Social norms that describe what is commonly done or typical behavior within a group.