Owen saw that the price of peaches had gone down, and so he decided to buy more peaches. Based on this information only, what does Owen's reaction reflect? Choose 1 answer: A Owen's demand for peaches has increased. B Owen's quantity demanded for peaches has increased. Owen has experienced an increase in income. Owen observed that there has been an increase in the price of other fruit, a substitute for peaches. Owen expects future price changes.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Owen saw that the price of peaches had gone down, and
so he decided to buy more peaches. Based on this
information only, what does Owen's reaction reflect?
Choose 1 answer: A Owen's demand for peaches has
increased. B Owen's quantity demanded for peaches has
increased. Owen has experienced an increase in income.
Owen observed that there has been an increase in the
price of other fruit, a substitute for peaches. Owen expects
future price changes.
Transcribed Image Text:Owen saw that the price of peaches had gone down, and so he decided to buy more peaches. Based on this information only, what does Owen's reaction reflect? Choose 1 answer: A Owen's demand for peaches has increased. B Owen's quantity demanded for peaches has increased. Owen has experienced an increase in income. Owen observed that there has been an increase in the price of other fruit, a substitute for peaches. Owen expects future price changes.
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