Question
An increase in the price of a good will
a. decrease demand.
b. decrease quantity demanded.
c. increase demand.
d. increase quantity demanded.
a. decrease demand.
b. decrease quantity demanded.
c. increase demand.
d. increase quantity demanded.
Answers
GPT-4o mini
The correct answer is: **b. decrease quantity demanded.**
An increase in the price of a good typically leads to a decrease in the quantity demanded for that good, according to the law of demand. However, it does not change the overall demand for the good itself.
An increase in the price of a good typically leads to a decrease in the quantity demanded for that good, according to the law of demand. However, it does not change the overall demand for the good itself.