Asked by
Jasmine Ibarra
on Dec 11, 2024
Verified
When economists say the quantity demanded of a product has increased, they mean the
A) demand curve has shifted to the left.
B) demand curve has shifted to the right.
C) price of the product has fallen, and consequently, consumers are buying more of it.
D) price of the product has risen, and consequently, consumers are buying less of it.
Quantity Demanded
The total amount of a good or service consumers are willing and able to purchase at a given price in a specified period.
Demand Curve
Is a graphical representation showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.
- Identify the effects of price changes on quantity demanded.
Verified Answer
FM
Learning Objectives
- Identify the effects of price changes on quantity demanded.