The Product Is a Normal Product

question 118

Multiple Choice

The product is a normal product.

-What is the effect of a decrease in the supply of a product?

• A)It will cause an increase in both the price and in the quantity traded.
• B)It will cause an increase in the price but a decrease in the quantity traded.
• C)It will cause a decrease in both the price and in the quantity traded.
• D)It will cause a decrease in the price but an increase in the quantity traded.

---

Definitions:

Cumulative Frequency

The total of a frequency and all frequencies so far in a frequency distribution.

Relative Frequency

The ratio of the number of times a particular value occurs to the total number of occurrences.

Midpoint

The value exactly in the middle of a range, or the average of two numbers.

Hours Worked

The total time period that an employee spends performing tasks or duties for an employer during a given timeframe.