When an economist says that the demand for a product has increased, this means that: consumers are now willing to purchase more of this product at each possible price. the product has become particularly scarce for some reason. product price has fallen and as a consequence consumers are buying a larger quantity of the product. the demand curve has shifted to the left.
When an economist says that the demand for a product has increased, this means that: consumers are now willing to purchase more of this product at each possible price. the product has become particularly scarce for some reason. product price has fallen and as a consequence consumers are buying a larger quantity of the product. the demand curve has shifted to the left.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 3MC
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When an economist says that the
consumers are now willing to purchase more of this product at each possible
the product has become particularly scarce for some reason.
product price has fallen and as a consequence consumers are buying a larger quantity of the product.
the demand curve has shifted to the left.
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