A Change in the Quantity Demanded of a Product Is

question 275

Multiple Choice

A change in the quantity demanded of a product is the result of a change in

• A) the price of the product.
• B) the price of related goods.
• C) consumer income.
• D) the cost of producing the product.

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Definitions:

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, used as a power source.

Natural Gas

A fossil fuel formed from plants and animals buried under the Earth's surface and exposed to extreme heat and pressure over millions of years.

Cross-Price Elasticity

A measure of how the quantity demanded of one good changes in response to a change in the price of another good.

French Fries And Onion Rings

Often served as side dishes in fast food and diners, they are popular fried food items made from potatoes and onions, respectively.