An increase in the price of a good will decrease demand for the good

Name: An increase in the price of a good will decrease demand for the good
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An increase in the price of a good will decrease the quantity demanded for the good, not the demand itself. Demand refers to the entire relationship between price and the quantity of a good that consumers are willing to purchase at each price level, whereas quantity demanded refers to the amount of a good consumers are willing to buy at a specific price.

An Increase in the Price of a Good Will Decrease