When Economists Say That the Demand for a Product Has

question 76

True/False

When economists say that the demand for a product has increased, they mean that consumers are willing to buy more of the product at any given price.

---

Definitions:

Time Series

A sequence of data points, typically consisting of successive measurements made over a time interval.

Trend

A general direction in which something is developing or changing over time.

Moving Average

A statistical measure to smooth out short-term fluctuations and highlight longer-term trends or cycles in data.

Exponential Smoothing

A technique used in time series forecasting that applies decreasing weights to past data, giving more importance to more recent observations.