When the Price of a Good Rises

question 230

Multiple Choice

When the price of a good rises:

• A) demand for the good will decrease.
• B) consumers will economize.
• C) supply will increase.
• D) the value of the good rises as well.

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Definitions:

Scarce Resources

Economic or environmental term referring to limited availability of resources that are desired or needed.

Conflict Structure

The underlying framework or pattern of relationships, interests, and power dynamics that characterize a conflict.

Hiring a Mediator

The act of engaging an impartial third party to facilitate the resolution of a dispute between conflicting parties.

Balance Power

The distribution of power among various parties in a way that no one side has dominance over the others.