If Price Rises, What Happens to Demand for a Product

question 88

Multiple Choice

If price rises, what happens to demand for a product?

• A)It increases.
• B)It decreases.
• C)It does not change.
• D)Uncertain-economic theory has no answer to this question.

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Definitions:

Population B

A term that could specify a second or particular subgroup within a larger population for study or analysis.

Income Distribution

Describes how a nation's total earnings are spread among its population, affecting economic inequality.

Household Income

The combined gross income of all members of a household, serving as a measure for various economic indicators and eligibility for financial assistance programs.

Annual Income

Annual income refers to the total earnings received by an individual, household, or entity within a year from all sources, including wages, investments, and other forms of compensation.