A higher price for a good reduces the consumer's desired consumption of that commodity, therefore the demand curve is upward sloping.

Question

Quizplus · Accepted Answer

The statement is incorrect. A higher price for a good actually reduces the quantity demanded of that commodity, not the consumer's desired consumption. The demand curve is downward sloping, indicating that as price increases, quantity demanded decreases.

A Higher Price for a Good Reduces the Consumer's Desired