Asked by justin woessner on May 02, 2024
Verified
A decrease in the price of a good will result in:
A) an increase in demand.
B) an increase in supply.
C) an increase in the quantity demanded.
D) more being supplied.
Quantity Demanded
The aggregate demand for a product or service, defined as the overall quantity that buyers are ready and capable of buying at a specific price point in the marketplace.
- Understand the dynamics of how price impacts the quantity of products demanded through the law of demand.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
C
Explanation :
A decrease in price will not necessarily increase the demand for the good, but it will result in an increase in the quantity demanded (movement along the demand curve). The other options are not correct as they confuse the concepts of demand and supply.
Learning Objectives
- Understand the dynamics of how price impacts the quantity of products demanded through the law of demand.
Related questions
Which Statement BEST Exemplifies the Law of Demand ...
Which Statement Illustrates the Law of Demand ...
_____ Illustrates an Inverse Relationship Between Price and Quantity ...
The Law of Demand States That,other Things Equal,as the Price ...
A Negative Relationship Between the Quantity Demanded and Price Is ...