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Which of the following describes a situation in which the price of a good would rise?

  • Question 4b of 10 - Supply and demand

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following describes a situation in which the price of a good would rise?
  • Answers:
  1. Consumers start using less of a good because more substitutes are available.
  2. A new technology allows producers to increase supply very quickly.
  3. Production is increased in order to catch up with a sudden rise in demand.
  4. Producers cannot make enough of a good when that good becomes popular suddenly.

The correct answer is: Producers cannot make enough of a good when that good becomes popular suddenly. When demand increases relative to supply, prices rise.

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