An Increase in the Price of Product X Causes a Decrease

question 87

Multiple Choice

An increase in the price of product X causes a decrease in the quantity demanded for product X. One basic explanation for this is

• A)the law of increasing opportunity cost.
• B)the price-elasticity effect.
• C)the law of supply.
• D)the law of diminishing marginal utility.

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Definitions:

Process Consultation

A method of organizational development in which a consultant helps a client organization understand and improve its internal processes.

Longstanding Relationships

Relationships that have been established and maintained over a significant period, characterized by trust, commitment, and mutual understanding.

Managers

Individuals responsible for planning, directing, and overseeing the operations and activities within an organization or part of it.

Process Consultation

A method of organizational development where a consultant assists a client organization in understanding and improving its processes.