What happens when the price of a good or service changes?

Question

Quizplus · Accepted Answer

When the price of a good or service changes, there is a movement along the stable demand curve. This is because the quantity demanded of the good or service changes as a result of the price change, but the underlying factors affecting demand remain the same. For example, if the price of gas increases, people may buy less gas, but the underlying need for transportation remains the same. Therefore, the demand curve remains stable and there is simply a change in quantity demanded at each price point.

What Happens When the Price of a Good or Service