You're a cashier at a local grocery store. You notice many customers buying kiwifruit, but you've never
Question:
You're a cashier at a local grocery store. You notice many customers buying kiwifruit, but you've never tried kiwifruit yourself. When the price of kiwifruit suddenly drops, you notice that your regular kiwi-buying customers buy more kiwifruit than usual and that other shoppers start buying kiwifruit for the first time. You also decide to try it yourself, so you too buy some kiwifruit. Which statement does BEST summarize what is happening?
As the price of kiwifruit falls, the market quantity demanded rises. All consumers are shown to have the same tastes and preferences. Kiwifruit is shown to be a normal good. As the price of kiwifruit falls, the market quantity demanded falls.
Macroeconomics Principles Applications And Tools
ISBN: 9780134089034
7th Edition
Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez