When the price of a good changes, the quantity demanded changes as the consumer seeks to reestablish equilibrium.

Name: When the price of a good changes, the quantity demanded changes as the consumer seeks to reestablish equilibrium.
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Question

Quizplus · Accepted Answer

This statement reflects the basic economic principle of demand, where a change in the price of a good typically leads to a change in the quantity demanded by consumers, as they adjust their consumption to maximize utility based on the new price.

When the Price of a Good Changes, the Quantity Demanded