If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n):

Question

Quizplus · Accepted Answer

If the demand is downward sloping, then an increase in the price of milk will lead to a decrease in the quantity of milk demanded. This is because consumers will be less willing to pay the higher price for milk and will seek out alternatives, reducing their demand for milk overall. However, the overall demand for milk is unlikely to change in response to a price increase.

If the Demand for Milk Is Downward Sloping, Then an Increase