If consumers were originally willing to buy 500 units of a good at a price of $20 are now willing to buy 500 units of the same good at a price of $10, that change would be described as a decrease in demand.

Question

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A change in consumer willingness to buy a good at different prices is a change in demand. When the quantity demanded at a given price decreases, as in this case where consumers are now willing to buy the same quantity at a lower price, this is considered a decrease in demand.

If Consumers Were Originally Willing to Buy 500 Units of a Good