When the Price of a Good Increases, Demand for the Good

question 176

Multiple Choice

When the price of a good increases, demand for the good will:

• A) increase.
• B) decrease.
• C) be unaffected.
• D) depend on the corresponding change in supply.

---

Definitions:

Rounded

The process of adjusting a numerical value to its nearest preferred value, often to a specified degree of precision.

Rounding Rules

Guidelines for adjusting the digits of numbers to a specific place value, often used to simplify numbers or to adhere to a level of precision.

Rounded

Adjusted to a simpler or more general form, often to the nearest whole number.

Median

The middle value in a sorted list of numbers, providing a measure of central tendency that is not skewed by extreme values.