An increase in price will lead to a lower quantity demanded because:
A)suppliers will supply only the smaller amount.
B)some individuals will no longer purchase the good.
C)individuals purchase less of the good.
D)a and b.
E)b and c.

Question

Quizplus · Accepted Answer

An increase in price will lead to individuals purchasing less of the good, which is option C. Additionally, some individuals may choose to no longer purchase the good due to its increased cost, which is option B. Therefore, both options B and C are correct, leading to option E being the best choice. Option A is not correct since suppliers do not determine the quantity demanded; they only determine the quantity supplied.

An Increase in Price Will Lead to a Lower Quantity