When the Price of a Good or Service Changes

question 35

Multiple Choice

When the price of a good or service changes,

• A)the demand curve shifts in the opposite direction.
• B)the supply curve shifts in the opposite direction.
• C)the supply curve shifts in the same direction.
• D)there is a movement along a given supply curve.

---

Definitions:

Packaged Meats

Processed meat products that have been portioned, packaged, and prepared for retail sale.

Modern Corporation

A contemporary business entity characterized by complex structures, legal personhood, and often, large scale operations and global reach.

Late 19th Century

A period roughly from 1870 to 1900 marked by significant industrial, social, and political changes worldwide.

Vertical Integration

A business strategy where a company controls multiple stages of production or distribution within the same industry to increase efficiency and reduce costs.