Asked by
Victoria Wilson
on Dec 11, 2024
Verified
Assume the demand curve for shampoo is downward sloping. If the price of shampoo falls from $1.50 to $1.25 per bottle,
A) the demand for shampoo will fall.
B) the demand for shampoo will rise.
C) a larger quantity of shampoo will be demanded.
D) a smaller quantity of shampoo will be demanded.
Downward Sloping
Describes a line on a graph that represents a decrease in one variable in response to an increase in another, commonly used in economics to depict demand curves.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given period.
Price
The payment magnitude expected, called for, or compensated in exchange for something.
- Learn about the doctrine of demand and its exhibition by the reciprocal relationship between the cost and the quantity of demand.
Verified Answer
SB
Learning Objectives
- Learn about the doctrine of demand and its exhibition by the reciprocal relationship between the cost and the quantity of demand.