An Increase in the Quantity Demanded Means That

question 225

Multiple Choice

An increase in the quantity demanded means that

• A) given supply, the price of the product can be expected to decline.
• B) price has declined and consumers therefore want to purchase more of the product.
• C) the demand curve has shifted to the right.
• D) the demand curve has shifted to the left.

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Definitions:

Just-In-Time (JIT)

A manufacturing strategy that aims to reduce inventory levels and increase efficiency by producing products only as they are needed.

Defects Tolerated

The acceptable number or percentage of defects or errors allowed in a production or manufacturing process.

Total Quality Management

A comprehensive management approach that focuses on continuous quality improvement of products and services by involving all employees.

Normative Distances

The customary or expected social spaces people maintain during interactions, which can vary culturally.