Effects of Price Increase on Monthly Memberships
What will most likely occur after the price of a monthly membership increases?
Check all that apply:
- Current members will pay more per month.
- Demand for memberships will decrease.
- The number of available memberships will increase.
- The owner will make more money.
- Bond’s Gym will receive more membership applications.
Correct answer choices are:
- Current members will pay more per month.
- Demand for memberships will decrease.
- The owner will make more money.
The effects of a price increase on monthly membership are:
- Current members will pay more per month.
- Demand for memberships will decrease.
- The owner will make more money.
The increase in price
The increase in the price of a commodity relative to its demand. When a commodity or service is increased in price, the effects are:
- Less people would want that good.
- The owners of the commodity would make more money if people continue to use that good.
- The people that already use the good would have to increase what they pay for it.