Which of the Following Statements Most Likely Would Account for the Shift

question 191

Multiple Choice

Which of the following statements most likely would account for the shift in the demand curve from D₂ to D₃ shown in Figure 13-5B above?

• A)The firm increased its prices and consumers perceived the value of the product to be greater.
• B)There were fewer product substitutes available in the marketplace.
• C)Competitors in the market raised their prices.
• D)A recession occurred that raised consumers' incomes.
• E)The firm's price remained the same but changes occurred in consumer tastes.

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Definitions:

Significance

The importance or meaning attached to something, often relevant in the context of making legal, social, or scientific determinations or judgments.

Sale of Goods Act

Legislation governing the sale of goods, providing rules on contracts, property transfer, and warranties to protect buyers and sellers.

Fitness and Quality

Standards and criteria that products or services must meet to be considered satisfactory and suitable for their intended purpose.

Principle Of Privity

The Principle of Privity in contract law states that only parties involved in the contract have the right to sue or be sued on that contract, highlighting the exclusivity of contractual obligations and benefits.