When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, thereby decreasing the demand for beef
Indicate whether the statement is true or false
False. The statement confuses a change in quantity demanded with a shift in demand. When the price rises, consumers find substitute goods to consume, which reduces the quantity demanded, not the demand curve.
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Being guided by self-interest when making a decision means that you
a. act in a selfish manner b. attempt to maximize utility c. ignore the wishes of your family d. reduce the incentives of others
Marginal utility theory predicts that as the price of coffee rises, the ________ a substitute for coffee ________ and the ________ coffee ________
A) supply of; increases; demand for; decreases B) supply of; decreases; supply of; increases C) demand for; increases; quantity demanded of; decreases D) demand for; decreases; demand for; increases