If Consumer Preference for a Product Increases, This Will Cause

question 148

True/False

If consumer preference for a product increases, this will cause the equilibrium price of the product to go down, and the equilibrium quantity of the product to go up.

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Definitions:

Accountability

The obligation to explain, justify, and take responsibility for one's actions to someone who is entitled to ask.

Evaluation

The systematic determination of a subject's merit, worth, and significance, using criteria governed by a set of standards.

Responsibility

The duty or obligation to perform or complete a task, often with an understanding of the moral, legal, or social consequences of failure to do so.

Conflict Resolution

The process of resolving a disagreement or dispute between parties in a constructive manner.