In which statement is the term "demand" used correctly? (1)An increase in the price of copper will lead to a decrease in the demand for copper.(2)An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper).

Question

Quizplus · Accepted Answer

The second statement is correct because an increase in the price of copper can lead to an increase in the demand for aluminum, a substitute good, as consumers switch to the cheaper alternative. The first statement incorrectly uses "demand" instead of "quantity demanded," as demand refers to the entire demand curve, not just a movement along it due to a price change.

In Which Statement Is the Term "Demand" Used Correctly? (1)An