When Economists Say the Quantity Demanded of a Product Has

question 18

Multiple Choice

When economists say the quantity demanded of a product has increased, they mean the

• A) demand curve has shifted to the left.
• B) demand curve has shifted to the right.
• C) price of the product has fallen, and consequently, consumers are buying more of it.
• D) price of the product has risen, and consequently, consumers are buying less of it.

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Definitions:

Analytical Thinking

The ability to systematically and logically break down complex problems or ideas into smaller, manageable parts to solve or understand them.

Research And Development

The research efforts a company undertakes to enhance current products and processes or to foster the creation of new products and processes.

Pull Strategy

Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.

Marketing Effort

Activities and strategies employed by companies to market their products or services to target consumers effectively.