A higher price for a good implies that
A) the marginal utility of the good has declined.
B) the total value of the good to the consumer has increased.
C) the sacrifice of utility of another good has increased.
D) the marginal utility of another good has decreased.

Question

Quizplus · Accepted Answer

A higher price for a good implies that the consumer must give up more of other goods to obtain it, thus increasing the sacrifice of utility of another good.

A Higher Price for a Good Implies That