How would a sudden increase in the price of canned soup affect people’s behavior?
People would buy less soup
People would buy more soup
People would value the soup they eat more.
People would find emotional incentives to buy soup.
The most likely answer is: People would buy less soup.
When there is a sudden increase in the price of canned soup, it becomes more expensive for people to purchase. In response to this, individuals are likely to buy less soup as they may find alternatives or reduce their consumption. This behavior is driven by the economic principle of price elasticity, which states that as prices rise, the demand for a product tends to decrease.
The other options mentioned - people buying more soup, valuing soup more, or finding emotional incentives to buy soup - are less likely to occur in this scenario. However, it is important to note that individual behaviors can differ, and some people may exhibit alternative responses depending on their particular circumstances or preferences.