An Increase in Price Will Decrease Demand

question 238

True/False

An increase in price will decrease demand.

---

Definitions:

Importing

The process of bringing goods or services into a country from abroad for sale.

Tariff

A tax or duty to be paid on a particular class of imports or exports.

Consumer Ethnocentrism

The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products.

Economic Integration

The process by which countries reduce barriers to trade and coordinate their economic policies to improve economic cooperation and integration.