Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):

Question

Quizplus · Accepted Answer

An increase in the price of orange juice would lead to a decrease in the quantity demanded of orange juice, resulting in an upward movement along the demand curve for orange juice. This is because consumers would be less willing and able to purchase the same amount of orange juice at the higher price. The demand curve itself does not shift in this case, as there has been no change in any of the factors (e.g. income, tastes, prices of substitutes or complements) that would cause a shift in the entire curve.

Other Things Being Equal, the Effects of an Increase in the Price