When the Supply of a Good Decreases and the Demand

question 54

Multiple Choice

When the supply of a good decreases and the demand for the good remains unchanged,consumer surplus

• A)decreases.
• B)is unchanged.
• C)increases.
• D)may increase,decrease,or remain unchanged.

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Definitions:

Two Dimensions

A term referring to the width and height aspects of an object or space, often used in contexts ranging from geometry to digital screens.

Perceptual Maps

Visual charts used in marketing to plot and display consumer perceptions of different products or brands along various axes, highlighting their positions relative to competitors.

Minds of Consumers

Refers to the psychological processes and decision-making behaviours of consumers when they are considering, purchasing, using, or disposing of products and services.

Perceptual Map

A visual tool in marketing used to display the positioning of different products or brands against specified criteria in the minds of consumers.