A change in the price of a good leads to a change in the demand of the good.

Question

Quizplus · Accepted Answer

A change in the price of a good leads to a change in the quantity demanded, 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 specific amount of a good consumers are willing to buy at a specific price. Changes in factors other than the price of the good itself, such as consumer income or preferences, can lead to changes in demand.

A Change in the Price of a Good Leads to a Change