Which of the Following Is True When the Price of a Good

question 30

Multiple Choice

Which of the following is true when the price of a good or service rises?

• A)Buyers who were already buying the good or service are better off.
• B)Some buyers exit the market.
• C)The total consumer surplus in the market increases.
• D)The total value of purchases before and after the price change is the same.

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Definitions:

Mortgage

A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Financial

Relating to finance, encompassing all aspects of managing, investing, and monitoring money and assets.

Loan

A sum of money that is borrowed, typically from a financial institution, which is expected to be paid back with interest.

Lease

A contractual agreement in which one party (the lessor) allows another (the lessee) to use an asset for a specified period of time in exchange for payment or some other consideration.