Economic Concepts and Consumer Behavior
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Questions and Answers

What does the economic concept described relate to?

  • Consumer's desire and willingness to pay (correct)
  • Consumer's credit and loans
  • Consumer's savings and investments
  • Consumer's income and expenses

    • What typically happens when the price of a good or service increases?

  • The demand for that good or service typically increases
  • The supply of that good or service decreases dramatically
  • The willingness to pay for that good or service usually decreases (correct)
  • The consumer's ability to purchase that good or service is unaffected

    • How is the relationship between price and consumer behavior generally characterized?

  • Inversely proportional for most goods (correct)
  • Inversely related for essential goods
  • Directly related for luxury items only
  • Directly proportional across all goods

    • Which factor does NOT affect a consumer's willingness to pay?

    <p>The weather conditions on the purchase day</p> Signup and view all the answers

    Which statement best describes consumer behavior in relation to price changes?

    <p>Consumers tend to buy less as prices increase</p> Signup and view all the answers

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