Which of the Following Is True When the Price of a Good

question 193

Multiple Choice

Which of the following is true when the price of a good falls?

• A)Consumer surplus always increases.
• B)Consumer surplus always decreases.
• C)Consumer surplus never changes.
• D)Producer surplus increases.
• E)Producer surplus remains unchanged.

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Definitions:

RFID

Radio Frequency Identification, a technology used to transmit data wirelessly using electromagnetic fields to identify and track tags attached to objects.

Bar Codes

A machine-readable code in the form of numbers and a pattern of parallel lines used to identify a product.

Wireless Sensor

An autonomous device that monitors its own condition as well as physical and environmental conditions around it, such as temperature, sound, pressure, vibration, and movement.

IoT

Short for Internet of Things, it refers to the network of physical objects—devices, vehicles, buildings and other items embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data.