If Price Falls, What Happens to the Demand for a Product

question 24

Multiple Choice

If price falls, what happens to the 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:

Bivariate Data

Data involving two variables that can be analyzed for relationships and patterns between them.

Multivariate Data

Data involving two or more variables or attributes, allowing for analysis of relationships and patterns among these variables.

Population

The entire group of individuals or instances about whom we hope to learn in a statistical analysis.

Sample

A subset of a larger population selected for measurement, observation, or questioning to make inferences about the whole.