When the Price of a Good Rises

question 230

Multiple Choice

When the price of a good rises:

• A) demand for the good will decrease.
• B) consumers will economize.
• C) supply will increase.
• D) the value of the good rises as well.

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Definitions:

High Profits

Earnings that significantly exceed the costs and investments of a business, reflecting strong financial performance or market advantage.

Stakeholder Element

An aspect or component that is significant to the interests, concerns, or objectives of individuals or groups that have a vested interest in the outcome of a project or organization.

Specific Environment

Includes the people and groups with whom an organisation interacts.

Environmental Uncertainty

Refers to unpredictable changes and complexities in an organization's external environment that can affect its operations and decision-making processes.