Which of the Following Increases the Demand for a Good

question 55

Multiple Choice

Which of the following increases the demand for a good or service?

• A)a rise in the price of a substitute good or service
• B)a rise in the price of a complement
• C)a fall in the price of the good or service
• D)a smaller number of consumers wanting to buy the good or service
• E)a rise in the price of the good or service

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Definitions:

Wayne's Jacket Shop

A hypothetical or specific retail business specialized in selling jackets.

Imperfectly Competitive Market

A market structure where all firms have some control over the prices because the products are differentiated and there are few participants.

Total-Product Schedule

A chart that shows the maximum output of a good achievable from different levels of input usage, holding technology constant.

Purely Competitive

A market structure characterized by a large number of small firms, homogeneity of product, and free entry and exit from the market.