as the price of a god increases all else being equal consumers will likely purchase
Responses
more of the good because subsitiues have become less expensive
more of the good because substitutes have become relatively more expensive
less of the food 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 more expensive
To determine the correct response, we can analyze the relationship between the price of a good and the demand for that good. This relationship is known as the law of demand, which states that as the price of a good increases, the quantity demanded of that good decreases, assuming all else remains constant.
So, in this case, we are assuming that all other factors affecting consumer demand, such as consumer income and preferences, remain constant ("all else being equal"). Given this assumption, we can conclude that the correct response is:
Less of the good because substitutes have become relatively more expensive.
This means that as the price of a particular good increases, consumers are more likely to purchase less of that good because the relative price of its substitutes, or alternative goods, has increased. This is because consumers may choose to switch to these less expensive substitute goods in response to the higher price of the original good.
It's important to note that this response assumes that there are readily available substitutes for the good in question. If there are no close substitutes or if the substitutes are also experiencing price increases, the relationship between price and consumer demand may be different.