Asked by
Arianna Lawlor
on Oct 13, 2024Verified
If the quantities in the demand schedule in the table above were reduced by 2 units at each price,you would conclude that
A) demand increased.
B) demand decreased.
C) the demand curve shifted to the right.
D) both demand increased and the demand curve shifted to the right.
Demand Schedule
A diagram indicating the volume of a good or service buyers intend and can afford to buy across a range of prices.
Demand Increased
A situation where consumers are willing and able to purchase more of a good or service at any given price level, often leading to higher prices.
Demand Decreased
A situation where the desire or need for a certain product or service declines, leading to a decrease in its quantity demanded at a given price.
- Appreciate the ramifications of supply and demand dynamics on the equilibrium state of markets.
Verified Answer
FM
Learning Objectives
- Appreciate the ramifications of supply and demand dynamics on the equilibrium state of markets.