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.

Question

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.

Charlotte Westover · Accepted Answer

Final Answer : B, Explanation :  An increase in demand means that at each price level, there is a greater quantity of the product that consumers are willing and able to buy. This results in a rightward shift of the demand curve. Choice A describes a movement along the demand curve due to a change in price, not an increase in demand. Choice C describes a decrease in demand, not an increase. Choice D describes a leftward shift of the demand curve, indicating a decrease in demand.

Definitions

Learning Objectives

Learning Objectives

Related questions