As the Price of a Product or Service Rises, Smart

question 106

True/False

As the price of a product or service rises, smart consumers switch to cheaper substitutes and quantity demanded decreases.

---

Definitions:

Linear Perspective

Linear perspective is a technique in art and photography that creates the illusion of depth and distance on a flat surface, using converging lines and a vanishing point.

Principle

A fundamental truth, law, doctrine, or motivating force, upon which others are based or derived.

Relative Motion

The movement of an object in relation to another object, considering both of their movements in a specific frame of reference.

Shape Constancy

The sensory experience in which an object's observed shape stays the same, even when the perspective or distance from which it is seen changes.