An Increase in the Price of a Product Will Reduce

question 168

Multiple Choice

An increase in the price of a product will reduce the amount of it purchased because:

• A) supply curves are upsloping.
• B) the higher price means that real incomes have risen.
• C) consumers will substitute other products for the one whose price has risen.
• D) consumers substitute relatively high-priced for relatively low-priced products.

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Definitions:

Transcendence Needs

The highest level in Maslow's hierarchy of needs, representing the desire for personal growth, self-fulfillment, and realizing one's potential.

Exploiting

Taking advantage of a situation or person typically in an unfair or unethical way to gain benefits.

WIIFM

"What's In It For Me?" - A question or mindset focusing on the personal benefits or rewards that can be gained from a situation or action.

Prosocial Behavior

Voluntary actions intended to benefit or help others.