Sometimes, We Observe Cases Where the Price of a Product

question 4

Multiple Choice

Sometimes, we observe cases where the price of a product rose and the quantity bought by buyers also increased. Such cases occur due to a violation of the

• A) Law of Demand.
• B) Law of Supply.
• C) allocative efficiency rule.
• D) ceteris paribus assumption.

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Definitions:

Expense

An outlay or expenditure of money, time, or other resources.

Expendable Items

Items meant for one-time use or that have a limited life and are expected to be replaced after a period of use.

Restocked

The process of replenishing goods or supplies that have been depleted, especially in a retail or healthcare setting.

Sanitization

The process of cleaning and disinfecting to reduce the number of germs and bacteria to a safe level, as per public health standards.