If the price of a normal good rises, the opportunity cost of that good rises and households buy less of the good.

Name: If the price of a normal good rises, the opportunity cost of that good rises and households buy less of the good.
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Question

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When the price of a normal good increases, the opportunity cost of purchasing that good also increases, leading households to reduce their consumption of that good as they seek to allocate their resources more efficiently.

If the Price of a Normal Good Rises, the Opportunity