An increase in the price of a product will reduce the amount of it purchased because:
A) supply curves are upsloping.
B) the higher price means that real incomes have risen.
C) consumers will substitute other products for the one whose price has risen.
D) consumers substitute relatively high-priced for relatively low-priced products.
Correct Answer:
Verified
Q1: In presenting the idea of a demand
Q5: Markets, viewed from the perspective of the
Q7: Economists use the term "demand" to refer
Q7: (Advanced analysis)The equation for the demand curve
Q8: When the price of a product rises,
Q8: When the price of Nike soccer balls
Q9: The construction of demand and supply curves
Q15: The demand curve shows the relationship between
A)
Q18: When the price of a product falls,
Q70: When the price of a product increases,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents