158k views
4 votes
Assuming that households confine their choices to products that improve their​ well-being, a decline in the price of any​ product, ceteris paribus​:___________

User Valentinas
by
8.2k points

1 Answer

3 votes

Answer:

Better off

Step-by-step explanation:

If the price of a commodity decreases and everything else remains constant, the consumers will be better off because it will increase their purchasing power. In the above example, the price of the product has decreased which will also increase the demand. Likewise, consumers can buy more goods which can improve their well-being. For example, a decrease in the price of wheat can create an opportunity for the household to buy more wheat or any other important product.

User Vijju
by
7.3k points

Related questions

asked Oct 20, 2024 15.0k views
Arnouf asked Oct 20, 2024
by Arnouf
8.5k points
1 answer
1 vote
15.0k views
asked Apr 17, 2024 57.4k views
Easeccy asked Apr 17, 2024
by Easeccy
8.2k points
1 answer
2 votes
57.4k views
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.