Asked by Dekia Mitchell on Apr 26, 2024
Verified
A decrease in the price of eggs will result in a(n) :
A) increase in the demand for eggs.
B) increase in the supply of eggs.
C) shift in the supply curve for eggs.
D) movement along the demand curve for eggs.
Movement Along
Refers to a change in the quantity demanded or supplied of a good, due to a change in its price, represented graphically as a movement along a demand or supply curve.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.
Supply of Eggs
The total quantity of eggs that producers are willing and able to sell at a given price level.
- Comprehend the determinants that lead to movement along the demand curve as opposed to shifts in the demand curve.
Verified Answer
CW
Corey WilsonApr 28, 2024
Final Answer :
D
Explanation :
A decrease in the price of eggs will result in a movement along the demand curve, as the lower price will encourage consumers to buy more eggs, leading to an increase in quantity demanded. It will not lead to a shift in the supply curve, as the price decrease does not affect the willingness or ability of suppliers to produce and sell eggs.
Learning Objectives
- Comprehend the determinants that lead to movement along the demand curve as opposed to shifts in the demand curve.