Asked by Laura Phoenix on Jul 04, 2024
Verified
Refer to Figure 3.7. A decrease in quantity demanded is represented by the movement
A) from D2 to D1.
B) from D2 to D3.
C) along D2 from Point B to Point A.
D) along D2 from Point B to Point C.
Demand Curve
A Demand Curve illustrates how the quantity demanded of a good or service varies with its price, typically showing an inverse relationship.
Quantity Demanded
The overall volume of a product or service that individuals are inclined and financially able to acquire at a determined price.
Decrease
A reduction in amount, size, strength, or frequency.
- Differentiate between the alterations in demand and variations in the quantity demanded.
Verified Answer
VM
Vinit MehtaJul 10, 2024
Final Answer :
C
Explanation :
A decrease in quantity demanded is shown by a movement along the demand curve from a higher quantity to a lower quantity at the same price level, which is what option C describes.
Learning Objectives
- Differentiate between the alterations in demand and variations in the quantity demanded.