When economists say that the demand for a product has decreased, they mean that
A)consumers are going to purchase less at any given price.
B)the price has increased and consumers will purchase less of the product.
C)the demand curve has shifted to the right.
D)the product has become more abundant and consumers therefore want it less.
E)consumers would be willing to pay less to receive the same quantity.

Question

Quizplus · Accepted Answer

When the demand for a product decreases, it means that consumers are willing to purchase less of the product at any given price. This could be due to various factors such as a decrease in consumer income, a shift in consumer preferences or the availability of substitute products. As a result, producers may need to lower the price in order to sell the same quantity of the product.

When Economists Say That the Demand for a Product Has