Suppose We Observe a Rise in the Price of Good

question 89

Multiple Choice

Suppose we observe a rise in the price of good A and a decrease in the quantity of good A bought and sold.Which one of the following is a likely explanation?

• A)The law of supply is violated.
• B)The demand for A decreased.
• C)The demand for A increased.
• D)The supply of A increased.
• E)The supply of A decreased.

---

Definitions:

Retailing Mix

A combination of factors under a retailer's control which includes product assortment, price, place, promotion, personnel, and presentation, used to attract and satisfy customers.

Placards

A sign or notice for display in a public place.

Whole Foods

A supermarket chain based in the United States, known for selling natural and organic food products, and is a subsidiary of Amazon.com, Inc.

West Edmonton Mall

A large shopping center located in Edmonton, Alberta, Canada, known for its vast size and diverse range of retail, entertainment, and dining options.