Question

As the price of a good increases, all else being equal, consumers will likely purchase _____Answer Line.(1 point)
Responses

more of the good because substitutes have become relatively less expensive
more of the good because substitutes have become relatively less expensive

less of the good because substitutes have become relatively more expensive
less of the good because substitutes have become relatively more expensive

less of the good because substitutes have become relatively less expensive
less of the good because substitutes have become relatively less expensive

more of the good because substitutes have become relatively more expensive
more of the good because substitutes have become relatively more expensive

Answer 1

less of the good because substitutes have become relatively less expensive

Explanation: When the good's price rises, consumers substitute toward relatively cheaper alternatives, so quantity demanded of the good falls (law of demand/substitution effect).