If Price Rises, What Happens to Demand for a Product

question 88

Multiple Choice

If price rises, what happens to demand for a product?

• A)It increases.
• B)It decreases.
• C)It does not change.
• D)Uncertain-economic theory has no answer to this question.

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Definitions:

Supply And Demand

Fundamental economic model describing how the availability of a product (supply) and the desire for that product (demand) determine its price.

Employees

Individuals who are hired by an organization to perform specific duties in exchange for compensation.

Human Resource Planning

The process undertaken by an organization to ensure the right number and types of employees are available to meet current and future needs.

Strategic

Pertaining to the identification and prioritization of long-term or overall aims and interests and the means of achieving them.