Question

The graph shows the market for graphic T-shirts.



What does the graph show about the relationship between a product and its price?

As the amount of a product goes up, the price goes up.
As the amount of a product goes down, the price goes up.
As the interest in a product goes up, the price goes up.
As the interest in a product goes down, the price goes up.

Answer 1

The relationship between a product and its price is that as the interest in a product goes up, the price goes up. Thus, Option C is the correct statement.

What is the relationship between a product and its price?

The theory of price states that, the price is affected by various factors in the market and these factors can influence the price of the product.

The factors may be as follows:

• Income of the consumers.
• Price of substitute goods.
• Price of complementary goods.
• Taste and preferences of consumers.

Thus, The relationship between a product and its price is that as the interest in a product goes up, the price goes up. Thus, Option C is the correct statement.

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Answer 2

Answer:

c

Explanation:

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