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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Your economics instructor says, “If the price of going to the movies goes down, people will go to the movies more often.” A student in class says, “Not if the quality of the movies goes down.” Who is right, the economics instructor or the student?

To determine

Explain whether the instructor or student is right.

Explanation

Generally, when the price of one good falls, people will consume more quantity because price reduction induced people to consume more. In this case, according to the economic instructor’s opinion, if the price of movie ticket falls, people will prefer seeing more movies. Here, he assumes that there is ceteris paribus or he considers all other factors remain the same...

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