If Bagels and Doughnuts Are Substitutes,then a Decrease in the Price

question 102

Multiple Choice

If bagels and doughnuts are substitutes,then a decrease in the price of doughnuts will result in

• A)An increase in the demand for doughnuts.
• B)A decrease in the demand for doughnuts.
• C)An increase in the demand for bagels.
• D)A decrease in the demand for bagels.

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Definitions:

Need Categories

Different groups or types of basic human requirements, such as physiological, safety, social, esteem, and self-actualization needs.

Growth Needs

Human desires for self-improvement, personal development, and progression towards one's fullest potential.

Social Level

Refers to the societal or community rank or position of an individual or group, often determined by socio-economic status, occupation, or education.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which outlines a five-tier model of human needs, from basic physiological needs to self-actualization.