A Rise in Price Will Always Result in an Increase

question 161

True/False

A rise in price will always result in an increase in the total amount consumers spend on a product.

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Definitions:

By-product Synergy

The practice of finding valuable uses for waste or by-products generated during the manufacturing process, thereby reducing waste and potentially increasing efficiency and profitability.

Horizontal Brand Extension

A strategy where a brand introduces new products in the same product category.

Particle Board

An engineered wood product made from wood chips, sawmill shavings, or even sawdust, and a synthetic resin or other suitable binder, which is pressed and extruded.

Diversification Strategy

A growth strategy where a business enters into a new market or industry which it is not currently in, while also creating a new product for that new market.