According to the theory of demand,
A) a change in the consumer's income or wealth changes the entire demand relationship
B) the consumer's willingness to pay is also called the demand price
C) demand price measures the marginal benefit (MB) of consuming another unit of the good
D) a change in product price changes quantity demanded
E) all of the above

Question

Quizplus · Accepted Answer

All the statements A through D accurately reflect concepts related to the theory of demand. A) Changes in income or wealth affect demand curves; B) Willingness to pay is synonymous with demand price; C) Demand price indeed measures the marginal benefit of consuming an additional unit; D) A change in the product's price leads to a movement along the demand curve, which is a change in the quantity demanded.

According to the Theory of Demand