Which Is an Example of a Change in Product Demand

question 111

Multiple Choice

Which is an example of a change in product demand that decreases labor demand?

• A) An increase in the price of paper increases the cost of making books,thus decreasing the demand for bookbinders.
• B) The widespread availability of self-serve gas pumps reduces the demand for workers pumping gas.
• C) An increase in the price of steel increases the cost of producing cars and trucks,thus decreasing the demand for automobile workers.
• D) A decline in productivity in retailing decreases the demand for retail sales workers.

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Definitions:

Market Penetration

The action or strategy of increasing the market share of an existing product, or promoting a new product, through aggressive marketing tactics.

Market Development

A growth strategy where a company aims to increase sales by promoting its existing products in new markets.

Strategic Marketing Planning

Development and execution of marketing strategies to reach business objectives, including market analysis and strategy formulation.

Discontinued

Products or services that have been ceased by their providers, and are no longer available to consumers.