If the Number of Consumers for a Good Increases, Demand

question 147

Multiple Choice

If the number of consumers for a good increases, demand will ______

• A) increase.
• B) decrease.
• C) not change.
• D) stay the same, but price will increase.
• E) stay the same, but price will decrease.

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Definitions:

Most Efficiently

The method or process that achieves the best possible outcome with the least waste of resources.

Output

The amount of goods or services produced by a company, industry, or economy within a given period.

Natural Monopolies

These are markets where a single supplier is most efficient in providing goods or services due to high fixed or startup costs associated with the market.

Competitive Industries

Sectors of the economy that have a large number of firms vying for market share, leading to better products and services for consumers.