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Answer:
the fact that the higher price of Raisin Bran relative to its substitutes, such as Cheerios, causes consumers to buy less Raisin Bran.
Explanation:
the substitution effect arises when as a result of a rise in the price of a good, the good becomes more expensive relative to its substitutes. Consumers not consume less of the good and more of the substitute. This leads to a movement up along the demand curve for that goods and not a movement along the demand curve for the good and not a shift of the demand curve.
If the price of the good increases. The good becomes cheaper when compared with substitutes. As a result, the demand for the good increases while that of the substitutes decreases.
The income effect is when an increase in price lowers consumer's purchasing power, holding money income constant.
Answer:
<u>d. Is it possible to make decisions without collecting data?</u>
<u>Explanation:</u>
There is <em>no need</em> for such a question since you are already requested to begin developing a data collection plan.
However, questions related to who will be responsible for collecting the data are important as they enable you to properly plan. Also, knowing the source of the data and the reason for collecting the data are important questions.
Answer:
I believe this would be D
Explanation:
I say that it is D because it is asking about what they would do under certain circumstances and or situations to see what they would say