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Questions and Answers
What is the concept of demand related to?
What is the concept of demand related to?
- Government regulations
- Producer profits and costs
- Market competition
- Consumer behavior and preferences (correct)
What happens to demand if the price of a product increases?
What happens to demand if the price of a product increases?
- It remains unchanged
- It fluctuates randomly
- It decreases (correct)
- It increases
How does the concept of demand influence pricing strategies?
How does the concept of demand influence pricing strategies?
- By reducing advertising costs
- By maximizing production efficiency
- By helping in determining the optimal price point for a product (correct)
- By controlling the supply of the product
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