At a Price of $5, Sam Buys 10 Units of a Product;

question 277

Multiple Choice

At a price of $5, Sam buys 10 units of a product; when the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?

• A) Yes, Martha is correct. Sam's demand has decreased.
• B) No, Martha is incorrect. Sam's demand has increased.
• C) No, Martha is incorrect. Sam's quantity demanded has decreased, and his demand has not changed.
• D) No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased.
• E) No, Martha is incorrect. Sam's demand has increased, and his quantity demanded has decreased.

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Definitions:

Satisfied Needs

Fulfillment of wants or necessities required for an individual's well-being or contentment.

Intrapreneurship

Refers to the practice of fostering entrepreneurial behavior within a large organization, encouraging employees to innovate and pursue new ideas.

Personal Growth

The process of improving self-awareness, developing talents, and refining personal qualities to enhance the quality of life.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, depicting a five-tier model of human needs, arranged in a pyramid, with physiological needs at the bottom and self-actualization at the top.