If,in response to an increase in the price of chocolate,the quantity demanded of chocolate decreases economists would describe this as
A) a decrease in demand.
B) a decrease in quantity demanded.
C) a change in consumer income.
D) a decrease in consumers' taste for chocolate.

Question

Quizplus · Accepted Answer

When the price of chocolate increases and the quantity demanded decreases, it is a movement along the demand curve. Therefore, it is a decrease in quantity demanded. Option A is incorrect as a decrease in demand would mean that the entire demand curve has shifted to the left. Option C is incorrect as consumer income is not mentioned as a determining factor for the decrease in quantity demanded. Option D is also incorrect because it is not specified whether the decrease is due to a change in consumers' taste for chocolate.

If,in Response to an Increase in the Price of Chocolate,the