All else being equal, the decrease in consumer preference predicted by Apple for its iPhone 8 would be represented by a shift of the:
A)supply curve for iPhones to the right.
B)supply curve for iPhones to the left.
C)demand curve for iPhones to the right.
D)demand curve for iPhones to the left.

Question

Quizplus · Accepted Answer

A decrease in consumer preference for iPhone 8 would lead to a decrease in demand for the product, which would be represented by a leftward shift of the demand curve for iPhones. This shift would indicate that consumers are willing to buy fewer units of iPhone 8 at each price, resulting in a lower equilibrium quantity and price for the product. Thus, the correct answer is D, the demand curve for iPhones to the left.

All Else Being Equal, the Decrease in Consumer Preference Predicted