An Increase in Demand for a Good Can Be Caused

question 47

Multiple Choice

An increase in demand for a good can be caused by

• A) a decrease in the price of a substitute good.
• B) a reduction in income if the good is a normal good.
• C) a decrease in the price of a complementary good.
• D) an increase in price of a complementary good.

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Definitions:

Globalization

The process of interaction and integration among people, companies, and governments worldwide, leading to increased interconnectedness and interdependence.

Operations Strategy

A long-term plan for the design and management of operations functions within an organization, aligning operations with overall business strategy.

Experience Differentiation

A business strategy that involves making a company's products or services stand out by providing unique and memorable customer experiences.