The Substitution Effect of a Decrease in the Price of Movie

question 46

Multiple Choice

The substitution effect of a decrease in the price of movie tickets results in

• A) an increase in the quantity demanded of movie tickets.
• B) a decrease in the quantity demanded of movie tickets.
• C) an increase in the demand for movie tickets.
• D) a decrease in the demand for movie tickets.

---

Definitions:

Opening Stance

Refers to the initial position or perspective one adopts before entering into a discussion, negotiation, or debate.

First Price

A type of auction format in which bids are submitted simultaneously, and the highest bidder pays their bid price to receive the item.

Chicken Tactic

A negotiation strategy where one party adopts a dangerous or risky position in the hope that the opposing party will yield or concede first.

Bluff

A strategy in negotiations or games where one pretends to have a stronger position or intent than is actually true.