Other things being equal, the effect of an increase in the price of Coca-Cola would cause a(n):

Question

Quizplus · Accepted Answer

When the price of Coca-Cola increases, the quantity demanded will decrease, resulting in a movement along the demand curve. This is because consumers will switch to substitute products or reduce their total consumption of Coca-Cola. Therefore, there is a negative relationship between price and quantity demanded, and an increase in price will lead to an upward movement along the demand curve.

Other Things Being Equal, the Effect of an Increase in the Price