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:

Psychology

The scientific study of the human mind and behavior.

Sociology

Sociology is the study of society, social relationships, and social institutions, examining how human behavior and consciousness are shaped by surrounding cultural and social structures.

Group Dynamics

The study of the behaviors and psychological processes occurring within a social group, or between social groups.

Essentialism

The belief that entities have a set of immutable characteristics that define their essence, often applied to social categories like gender or race.