Asked by Jessica Guerrero on May 19, 2024
Verified
A shift to the right in the demand curve for product A can be most reasonably explained by saying that:
A) consumer incomes have declined,and consumers now want to buy less of A at each possible price.
B) the price of A has increased and,as a result,consumers want to purchase less of it.
C) consumer preferences have changed in favor of A so that they now want to buy more at each possible price.
D) the price of A has declined and,as a result,consumers want to purchase more of it.
Consumer Preferences
The tastes, preferences, and priorities that individuals have regarding the consumption of goods and services.
- Highlight the differences between a modification in overall market demand and a change in the amount of product demanded.
- Understand the relationship between consumer expectations and demand for goods.
Verified Answer
SS
Sakshi SarkarMay 24, 2024
Final Answer :
C
Explanation :
A shift to the right in the demand curve indicates an increase in demand. Consumer preferences have changed in favor of A so that they now want to buy more at each possible price.
Learning Objectives
- Highlight the differences between a modification in overall market demand and a change in the amount of product demanded.
- Understand the relationship between consumer expectations and demand for goods.