Other Things Being Equal, an Increase in the Price of a Good

question 180

Multiple Choice

Other things being equal, an increase in the price of a good leads to a decrease in the amount people purchase. This is known as

• A)the law of demand.
• B)the law of supply.
• C)ceteris paribus.
• D)equilibrium.

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Definitions:

Peripheral Route

A mode of persuasion in the Elaboration Likelihood Model where individuals are influenced by incidental cues, such as the attractiveness of the speaker, rather than the strength of the arguments.

Vested Interest

A personal stake or involvement in an undertaking or situation, especially one with an expectation of financial or other gain.

Direct Personal Experience

Firsthand encounters or involvement in situations, events, or activities, without intermediaries.

Attitudinal Object

Any subject or entity toward which an individual holds a specific attitude.