Which Would Best Explain a Decrease in Both the Price

question 53

Multiple Choice

Which would best explain a decrease in both the price and the quantity of a product over a period of time?

• A) a decrease in people's incomes, and the product is an inferior good
• B) a long strike by workers who make the product
• C) a decrease in the price of a substitute good
• D) a technological improvement in production methods

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Definitions:

Low Maintenance

Describing something or someone that requires minimal care, effort, or attention to maintain.

Purely Additive

A condition or situation where the combined effect of separate factors is exactly the sum of their effects when taken individually, without any interaction.

Weighted Additive

A mathematical technique used to combine multiple variables, each assigned a different level of importance (weight), into a single composite score.

Cognitive Revolution

A significant shift in psychology during the 1950s-70s, focusing on the study of the mind and how it processes information, moving away from behaviorism.