Say the price of MP3 songs increases. Other things equal the:

Question

Quizplus · Accepted Answer

When the price of MP3 songs increases, it will lead to a decrease in the quantity demanded of MP3 songs. This is because consumers will find it more expensive to purchase the same number of songs. However, the demand for MP3 songs may not decrease as drastically as the quantity demanded, as some consumers may still be willing to pay the higher price. The supply of MP3 songs is not affected by the increase in price.

Say the Price of MP3 Songs Increases