When the Relative Price of a Good Decreases,consumers Respond by Buying

question 157

Multiple Choice

When the relative price of a good decreases,consumers respond by buying

• A)a larger quantity of that good and a larger quantity of substitutes for that good.
• B)a larger quantity of that good and a smaller quantity of substitutes for that good.
• C)a smaller quantity of that good and a larger quantity of substitutes for that good.
• D)a smaller quantity of that good and a smaller quantity of substitutes for that good.

---

Definitions:

Economic Classes

These are categorizations of individuals in a society based on their economic status, often divided into upper, middle, and lower classes.

Lifestyle

The way in which a person or group lives, including their behaviors, attitudes, values, and habits.

Values

The principles and beliefs that guide an individual's or society's actions and decisions, often reflecting moral and ethical considerations.

Agriculture

The practice of cultivating the soil, growing crops, and raising livestock for food, fiber, and other products.