When economists say that the demand for a product has decreased, they mean that
A) a greater quantity will be produced at any price.
B) the price is too high for equilibrium.
C) a smaller quantity will be produced at any price.
D) demand was too high for producers to make a profit.
E) the price is too low for equilibrium.

Question

Quizplus · Accepted Answer

When economists say that the demand for a product has decreased, it means that consumers are willing to buy a smaller quantity of the product at any given price. This results in a shift of the demand curve to the left, indicating a decrease in demand. As a result, producers will adjust their production levels accordingly to meet the new lower level of demand.

When Economists Say That the Demand for a Product Has