Understanding Demand in Economics
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Questions and Answers

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?

  • It remains unchanged
  • It fluctuates randomly
  • It decreases (correct)
  • It increases

    • 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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