If a Product's Price Increases, What Happens to Quantity

question 70

Multiple Choice

If a product's price increases, what happens to quantity?

• A) Quantity demanded increases.
• B) Quantity supplied does not change, but supply does increase.
• C) Quantity supplied decreases.
• D) Quantity supplied increases.

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Definitions:

Accrued Interest

Interest that has been incurred but not yet paid.

Year-End

The end of a fiscal year or calendar year, a significant reporting and assessment time for businesses and individuals for accounting and tax purposes.

Dishonored Note

A promissory note that has not been paid by the maker at maturity, resulting in a default.

Collection Efforts

Activities undertaken by a business or organization to pursue and receive payments owed by customers or clients.