If Price Rises, What Happens to the Quantity Demanded for a Product

question 402

Multiple Choice

If price rises, what happens to the quantity demanded 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:

Distinctiveness

The quality of being distinguishable or markedly different from others, often leading to a sense of individuality.

Consistency

The degree to which a person or process reliably produces the same results over time.

Consensus

A general agreement or collective opinion among a group of individuals.

Frequency

The rate at which a periodic phenomenon occurs, such as the number of waves passing a point in one second.