According to a typical demand curve, the higher the price,
A)the greater the income effect.
B)the lower the quantity consumers will buy.
C)the lower the output of producers.
D)the greater the production costs.
E)the lower the cross-price elasticity.

Question

Quizplus · Accepted Answer

According to the law of demand, as prices increase, the quantity of goods or services demanded decreases. Therefore, the higher the price, the lower the quantity consumers will buy.

According to a Typical Demand Curve, the Higher the Price