When Economists Say the Demand for a Product Has Decreased

question 337

Multiple Choice

When economists say the demand for a product has decreased, they mean

• A) the demand curve has shifted to the left.
• B) the product price has increased, and as a consequence, consumers are buying less of the product.
• C) consumers are now willing and able to buy more of this product at each possible price.
• D) the demand curve has shifted to the right.

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Definitions:

Moral Development

The process through which individuals learn to distinguish right from wrong, and to develop beliefs, values, and actions that are consistent with those distinctions.

Perspective

A particular attitude towards or way of regarding something; a point of view.

Reasoning Process

The mental operation of logically thinking through ideas and making conclusions.

Cognitive Development

The process by which a person's ability to think, understand, and learn evolves over the course of their life.