An Increase in Demand Means That

question 21

Multiple Choice

An increase in demand means that:

• A)the price of the product has fallen, so consumers move down to a new point on the demand curve
• B)the quantity demanded at every price is greater than before
• C)the quantity demanded at every price is less than before
• D)the price of the product has risen, so consumers move up to a new point on the demand curve
• E)the supply curve has shifted to the right

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Definitions:

Binding Contract

An agreement that is legally enforceable in a court of law, requiring all parties to fulfill their obligations as outlined.

Written Acceptance

Formal acknowledgment in writing that an offer or proposal has been received and agreed upon.

Verbal Offer

An offer made orally rather than in written form, often preliminary and less formal.

Legally Binding

A contract or agreement that is enforceable by law, where parties are obligated to fulfill the terms.