A Change in the Price of a Product Has No

question 177

True/False

A change in the price of a product has no effect on the demand for that same product.

---

Definitions:

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service and the actual amount received from its sale.

Supply Curve

A graphical representation showing the quantity of a good that producers are willing to supply at different prices.

Producer Surplus

The difference between the amount producers are willing and able to sell a good for and the amount they actually receive.

Equilibrium Price

The price at which the quantity of goods supplied matches the quantity of goods demanded in the market.