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Romonda Lattin
on Nov 25, 2024

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By an "increase in demand," economists mean that

A) product price has fallen, so consumers move down to a new point on the demand curve.
B) the quantity demanded at each price in a set of prices is greater.
C) the quantity demanded at each price in a set of prices is smaller.
D) a leftward shift of the demand curve has occurred.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded.

Quantity Demanded

The total amount of a good or service that consumers are willing to buy at a given price over a specified period.

Economists

Economists are experts who study how societies use scarce resources to produce valuable commodities and distribute them among different people.

  • Recognize the contributors to fluctuations in supply and demand curves.
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Ashwini GurwaleNov 26, 2024
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