If the Price of a Good Increases,the Marginal Utility Per

question 87

Multiple Choice

If the price of a good increases,the marginal utility per dollar spent ________ and consumers buy ________ of the good.

• A) remains the same; more
• B) remains the same; less
• C) decreases; more
• D) decreases; less
• E) increases; more

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Definitions:

Elaboration

The process of adding more detail or information to something, often used in the context of cognitive processing of messages.

Personal Importance

The significance or value an individual places on a specific idea, activity, or possession in their life.

Stimulus

Any object, event, or factor that can elicit or evoke a response from an organism or system.

Flow State

A mental state in which a person performing an activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment.