If Price Rises, What Happens to Demand for a Product

question 88

Multiple Choice

If price rises, what happens to 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:

Soviet-backed Governments

Soviet-backed governments were administrations in various countries during the Cold War that received political, military, and economic support from the Soviet Union to establish or maintain communist regimes.

Economic Necessity

A situation where financial considerations compel a particular course of action, indicating that certain decisions are driven by economic rather than preferential factors.

Employment Opportunities

Available jobs or positions in the labor market that individuals can apply for in order to earn income.

Poverty Rate

The percentage of the population living below the national poverty line, indicating the proportion of individuals or families whose income falls short of the defined threshold for basic living costs.