For Quantity Exchanged to Decrease, but the Price to Rise

question 240

Multiple Choice

For quantity exchanged to decrease, but the price to rise, there must have been a(n)

• A)​increase in demand.
• B)​decrease in demand.
• C)​increase in supply
• D)​decrease in supply.

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Definitions:

Every Customer

Refers to each individual or entity that purchases goods or services from a business or market.

Minimum Wage

The lowest legal hourly pay for workers, established by law or contract.

Labor Demanded

The total quantity of workers that employers are willing and able to hire at a given wage rate within a specific period, reflecting the hiring needs of firms.

Demand D1

A term that might be used in economic models or discussions to refer specifically to a particular demand curve or demand scenario.