ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statements about demand and quantity demanded is CORRECT?
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When the quantity demanded of a good changes, the demand for the good changes.
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When the demand for a good changes, the quantity demanded of the good at every given price changes.
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A change in the quantity demanded of a good will lead to a shift of its entire demand curve.
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A change in the demand for a good is caused by a change in its price.
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Explanation:
Detailed explanation-1: -Answer and Explanation: The correct option is B): When the price of ice cream rose, the quantity demanded of ice cream fell, and the demand for ice cream topping fell.
Detailed explanation-2: -What Is Quantity Demanded? Quantity demanded is a term used in economics to describe the total amount of a good or service that consumers demand over a given interval of time.
Detailed explanation-3: -Which of the following statements correctly describes the relationship between the price and quantity demanded of a good or service?-Holding all else constant, as price increases, quantity demanded decreases and as price decreases, quantity demanded increases.
There is 1 question to complete.