Other things equal, when the price of a good increases, we would expect:

Question

Quizplus · Accepted Answer

When the price of a good increases, the quantity demanded typically decreases because consumers are less willing to buy the good at higher prices, reflecting the law of demand. This does not directly affect demand itself (which is the entire relationship between price and quantity demanded) or the supply, but rather the quantity of the good that consumers are willing to purchase at that higher price.

Other Things Equal, When the Price of a Good Increases