Other Things Being Equal, the Effect of a Decrease in the Price

question 79

Multiple Choice

Other things being equal, the effect of a decrease in the price of compact discs on the market for compact disc players is a/an:

• A) leftward shift in the demand curve for compact disc players.
• B) upward movement along the demand curve for compact disc players.
• C) rightward shift in the demand curve for compact disc players.
• D) downward movement along the demand curve for compact disc players.

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Definitions:

Valence

The intrinsic attractiveness or aversiveness of an event, object, or situation, reflecting its perceived positive or negative value.

Utility

The total satisfaction or benefit derived from consuming a good or service.

Voltage

An electrical measurement that represents the difference in electric potential energy between two points in a circuit.

Hedonic-Utilitarian

A dichotomy in consumer behavior contrasting pleasure-seeking motives (hedonic) with functional or practical motives (utilitarian) in decision making.