The Downward Slope of a Demand Curve

question 135

Multiple Choice

The downward slope of a demand curve

• A) shows that, as the price of a good rises, consumers increase the quantity they demand.
• B) indicates how the quantity demanded changes when incomes rise and the good is a normal good.
• C) indicates how demand changes when the price changes and the good is a normal good.
• D) indicates how demand changes when incomes rise and the good is a normal good.
• E) represents the law of demand.

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Definitions:

Quantity Supplied

Represents the amount of goods or services that producers are willing and able to sell at a given price.

Alfred Marshall

A 19th-century English economist known for his significant contributions to the principles of economics and for coining the concepts of supply and demand.

Demand and Supply

Fundamental economic concepts where demand is the quantity of a good or service that consumers are willing and able to purchase at various prices, while supply is the quantity that producers are willing and able to sell at various prices.

World Supply

World supply refers to the total quantity of a good or service that is available for purchase on the global market.