Question : Which of the following would be the change in quantity of a product that people would buy?
Option 1: Variations in the cost of related goods
Option 2: Shifting consumer preferences
Option 3: Boosting consumer spending
Option 4: Declining product prices
Answer (1)
27th Jan, 2024
Correct Answer: Declining product prices
Solution :
A decrease in the cost of the good leads to an increase in the amount required where an increase in the cost of the good leads to a decrease in the amount required.
Hence option d is the correct answer.
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