Question

Question

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

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

more of the good because substitutes have become relatively less expensive

Answer 1

As the price of a good increases, all else being equal, consumers will likely purchase less of the good because substitutes have become relatively less expensive.