A Rise in the Price of a Good

question 25

Multiple Choice

A rise in the price of a good

• A)decreases demand for the good.
• B)creates a movement up along the supply curve.
• C)creates a movement down along the demand curve.
• D)increases the supply of the good.
• E)increases preferences for the good.

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Definitions:

Strategy

The set of actions taken to accomplish organizational objectives.

Product Development

The complete process of bringing a new product or service to market, from the initial idea through design and manufacturing, to sale.

Existing Markets

Markets that already have an established customer base, product offerings, and competitive landscape, as opposed to newly created or emerging markets.

Situation Analysis

An assessment process that identifies an organization's internal strengths and weaknesses, along with external opportunities and threats in its environment.