When the price of apples goes up,

Question

Quizplus · Accepted Answer

When the price of apples goes up, consumer demand for apples does not necessarily change in the long run, but the quantity of apples that consumers are willing and able to buy (quantity demanded) decreases because the higher price means fewer people can afford to purchase them. This movement along the demand curve, from a higher price to a lower quantity demanded, is referred to as a decrease in quantity demanded, not a decrease in demand.

When the Price of Apples Goes Up