When economists say that the demand for a product has decreased, they mean that

Question

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When economists say that demand for a product has decreased, they mean that consumers are now willing and able to buy less of this product at each possible price. This is shown by a shift in the demand curve to the left. A decrease in demand can be caused by a variety of factors, such as a decrease in consumer income, a shift in tastes or preferences, or the availability of substitute products. It is not related to the scarcity of the product or a shift in the demand curve to the right, which would indicate an increase in demand. It may also not necessarily be related to an increase in price, although an increase in price could be one factor that contributes to a decrease in demand.

When Economists Say That the Demand for a Product Has