The quantity of office chairs demanded has decreased due to an increase in price. How would this change in quantity demanded be represented on the demand curve?by a leftward shift of the demand curveby a rightward shift of the demand curveby a movement from one point on the demand curve to a lower point on the curveby a movement from one point on the demand curve to a higher point on the curve
Question
The quantity of office chairs demanded has decreased due to an increase in price. How would this change in quantity demanded be represented on the demand curve?by a leftward shift of the demand curveby a rightward shift of the demand curveby a movement from one point on the demand curve to a lower point on the curveby a movement from one point on the demand curve to a higher point on the curve
Solution
This change in quantity demanded would be represented by a movement from one point on the demand curve to a lower point on the curve. This is because the demand curve shows the relationship between price and quantity demanded, holding everything else constant. When the price of a good increases, consumers demand less of it, so we move down along the demand curve.
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