The Effect on Sales of an Increase in Price Is

question 39

Multiple Choice

The effect on sales of an increase in price is a decrease in:

• A) the quantity demanded.
• B) demand.
• C) supply.
• D) the quantity supplied.

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Definitions:

Data Set

A collection of data, often used for analysis, typically consisting of related sets of information.

Median

A statistical measure representing the middle value in a data set, where half the numbers are above and half are below.

Mean

The arithmetic average, found by adding a set of values and dividing the sum by the number of values in the set.

Telemarketers

Individuals or companies that market goods or services to potential customers over the phone.