An Increase in the Quantity Demanded Means That

question 225

Multiple Choice

An increase in the quantity demanded means that

• A) given supply, the price of the product can be expected to decline.
• B) price has declined and consumers therefore want to purchase more of the product.
• C) the demand curve has shifted to the right.
• D) the demand curve has shifted to the left.

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Definitions:

Opportunity Cost

Opportunity cost represents the benefit that is missed or given up when choosing one option over another, an important concept in decision-making.

Tactical Decision

Short-term choices made by an organization, often in response to immediate challenges, that are aimed at implementing strategies effectively.

Qualitative Factors

Non-numerical elements that influence business decisions, like brand reputation or customer satisfaction.

Outsourcing Decision

The choice made by a business to contract out certain tasks or services to external providers rather than performing them internally.