If, in response to an increase in the price of chocolate the quantity of chocolate demanded 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 there is a change in price leading to a change in the quantity demanded, it is known as a movement along the demand curve - a decrease in the quantity demanded, in this case. This is not the same as a decrease in demand, which would imply a shift of the entire demand curve due to factors such as changes in consumer income or tastes.

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