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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
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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
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