Holding the Nonprice Determinants of Demand Constant,a Change in Price

question 131

Multiple Choice

Holding the nonprice determinants of demand constant,a change in price would

• A)result in either a decrease in demand or an increase in demand.
• B)result in a movement along a stationary demand curve.
• C)result in a shift of supply.
• D)have no effect on the quantity demanded.

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Definitions:

Escalation of Commitment

A decision-making error in which individuals or organizations continue a course of action despite facing negative outcomes or feedback.

Preferences

Individual choices or inclinations regarding various options, based on personal likes, dislikes, values, or interests.

Programmed Decision-Making

A method of decision-making using established procedures or rules for routine or repetitive problems requiring predictable solutions.

Alternative Solutions

Different methods or approaches to solving a problem or addressing a situation, offering multiple options for consideration.