A demand shock occurs when large numbers of consumers unexpectedly reduce their purchases of goods and services.

Name: A demand shock occurs when large numbers of consumers unexpectedly reduce their purchases of goods and services.
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Question

Quizplus · Accepted Answer

A demand shock is an unexpected event that leads to a sudden change in the demand for goods and services, which can be either an increase or a decrease. In this case, the reduction in consumer purchases represents a negative demand shock.

A Demand Shock Occurs When Large Numbers of Consumers Unexpectedly