Asked by Glenda Gonzalez on Jun 11, 2024
Verified
When an economist says that the demand for a product has increased, this means that
A) consumers are now willing to purchase more of this product at each possible price.
B) the product has become particularly scarce for some reason.
C) product price has fallen and, as a consequence, consumers are buying a larger quantity of the product.
D) the demand curve has shifted to the left.
Demand Curve
A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers at various prices, typically downward sloping.
Product
A good or service that is created, manufactured, or offered for sale to meet consumer demand.
Consumers
are individuals or entities that use goods and services generated within the economy.
- Pinpoint the determinants that result in movements in supply and demand curves.
Verified Answer
SR
Sharelle RobersonJun 15, 2024
Final Answer :
A
Explanation :
When the demand for a product increases, it means that consumers are now willing to purchase more of this product at each possible price. This leads to a shift to the right in the demand curve, indicating an increase in quantity demanded at every price point.
Learning Objectives
- Pinpoint the determinants that result in movements in supply and demand curves.