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Questions and Answers
Which one of these is true about the relationship between product demand and price?
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?
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?
What factor influences the producer to adjust the price of a product?
- Consumer preferences (correct)
- Production cost
- Product quality
- Supply of the product
