Product Demand and Price
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Questions and Answers

Which one of these is true about the relationship between product demand and price?

  • If the demand is high, the price will be high (correct)
  • If the demand is low, the price will be high
  • If the demand is high, the price will be low
  • If the demand is low, the price will be low

    • What happens to the price of a product when the demand is low?

  • The price decreases (correct)
  • The price remains the same
  • The price fluctuates
  • The price increases

    • What factor influences the producer to adjust the price of a product?

  • Consumer preferences (correct)
  • Production cost
  • Product quality
  • Supply of the product

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