When economists say the demand for a product has decreased, they mean
A) the demand curve has shifted to the left.
B) the product price has increased, and as a consequence, consumers are buying less of the product.
C) consumers are now willing and able to buy more of this product at each possible price.
D) the demand curve has shifted to the right.

Question

Quizplus · Accepted Answer

A decrease in demand means the demand curve has shifted to the left, indicating that consumers are willing and able to purchase less of the product at each possible price.

When Economists Say the Demand for a Product Has Decreased