If the Supply of a Product Is Static but the Demand

question 72

True/False

If the supply of a product is static but the demand for it decreases,the price tends to rise.

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Definitions:

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.

Underemployment

A labor condition where individuals are working less than they would like to or are in positions that underutilize their skills, education, or experience.

Poor Countries

Nations with low levels of income per capita, often characterized by limited industrial development, insufficient basic infrastructure, and a high degree of economic vulnerability.

Goods And Services

Refers to the total set of products and services that are made available for purchase and consumption by individuals and organizations.