The demand curve is downward sloping because 1.the price must rise to induce firms to increase quantity supplied. 2. a reduction in the price of a good causes individuals to increase their purchase of that good. 3. an increase in the price will cause a leftward shift in the demand curve. 4. all of the above.
The demand curve is downward sloping because 1.the price must rise to induce firms to increase quantity supplied. 2. a reduction in the price of a good causes individuals to increase their purchase of that good. 3. an increase in the price will cause a leftward shift in the demand curve. 4. all of the above.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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The demand curve is downward sloping because
1.the price must rise to induce firms to increase quantity supplied.
2. a reduction in the price of a good causes individuals to increase their purchase of that good.
3. an increase in the price will cause a leftward shift in the demand curve.
4. all of the above.
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