Asked by Manuel Antonio on Jun 15, 2024
Verified
An increase in product price will cause:
A) quantity demanded to decrease.
B) quantity supplied to decrease.
C) quantity demanded to increase.
D) the supply curve to shift to the left.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level and at a given time.
Quantity Supplied
Quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific period.
- Explain the concept of quantity demanded in market economics.
Verified Answer
MB
Madeline BuistJun 22, 2024
Final Answer :
A
Explanation :
This is known as the Law of Demand, which states that as the price of a product increases, the quantity demanded decreases.
Learning Objectives
- Explain the concept of quantity demanded in market economics.