(p. 37 Jill owns a bakery that specializes in cheesecakes. Until recently, Jill charged a price of $12 for each cheesecake. At this price Jill's customers bought an average of 84 cheesecakes each week. For the last few weeks, she has reduced her price to $10.50 per cheesecake, and her customers have purchased an average of 96 cheesecakes each week. These results are consistent with the economic concept of demand.

Question

Quizplus · Accepted Answer

The decrease in price resulted in an increase in quantity demanded, which is consistent with the law of demand. Thus, the results are consistent with the economic concept of demand.

(P 37 Jill Owns a Bakery That Specializes in Cheesecakes