If the Price of a Good or Service Increases, What

question 36

Multiple Choice

If the price of a good or service increases, what happens to the firm's demand curve?

• A) The demand curve shifts inward toward the origin.
• B) The demand curve shifts outward away from the origin.
• C) There is an upward movement along the demand curve.
• D) There is a downward movement along the demand curve.
• E) The slope of the demand curve changes.

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Definitions:

Normal

Pertaining to something that conforms to a standard or a pattern that is usual, typical, or expected.

Trained Employee

An individual who has received instruction and practice in a particular skill or type of behavior for the workplace.

Time Study

An analytical procedure used to determine the standard time required for a skilled worker to perform a given task under specified conditions and at a defined rate of performance.

Sample Size

The number of observations or data points collected in a study or experiment, which can affect the validity and reliability of statistical analysis.