When Consumers Shift Away from Relatively Higher Price Goods and Services

question 352

Multiple Choice

When consumers shift away from relatively higher price goods and services in favor of those that are less expensive, this is known as the

• A) principle of utility.
• B) principle of substitution.
• C) principle of supply.
• D) principle of increasing opportunity costs.

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Definitions:

Descendants

Offspring or future generations derived from a common ancestor.

Ancestor

A person, plant, animal, or object from whom one is descended, typically one more remote than a grandparent, such as a great-grandparent or beyond.

Synapomorphies

Shared derived characteristics or traits that are used to group organisms together, indicating common ancestry.

Dolphins

Intelligent aquatic mammals known for their complex behaviors and communication skills, belonging to the family Delphinidae.