Asked by Krystal Phengsomphone on Apr 28, 2024
Verified
The change in quantity demanded derived from a change in price is
A) the movement along a demand curve
B) the movement along a supply curve
C) a shift in the demand curve
D) a shift in the supply curve
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to purchase at various prices.
Supply Curve
A graphical representation showing the relationship between the price of a good or service and the quantity supplied at those prices in a market.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price.
- Recognize the economic effect of changes in price on quantity demanded versus shifts in the demand curve.
Verified Answer
IA
Ifrah AhmedApr 30, 2024
Final Answer :
A
Explanation :
A change in quantity demanded resulting from a change in price refers to movement along the demand curve, which shows the quantity demanded at different prices. It does not result in a shift in the demand curve, which represents how much buyers are willing to buy at various prices irrespective of changes in any other factor.
Learning Objectives
- Recognize the economic effect of changes in price on quantity demanded versus shifts in the demand curve.