Asked by
sadiq humby
on Dec 11, 2024
Verified
At a price of $5, Tyrone buys 10 units of a product; when the price increases to $6, Tyrone buys 8 units. Which of the following is correct about Tyrone's behavior?
A) Tyrone's demand has decreased.
B) Tyrone's demand has increased.
C) Tyrone's quantity demanded has decreased, and his demand has not changed.
D) Tyrone's quantity demanded has increased, and his demand has increased.
E) Tyrone's demand has increased, and his quantity demanded has decreased.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specific period.
Price
The pecuniary figure assumed, needed, or distributed as payoff for something.
- Gain an understanding of the rule of demand and its demonstration through the contrary linkage between price and the quantity of products demanded.
- Distinguish between movements along a demand curve and shifts in the demand curve.
Verified Answer
EV
Learning Objectives
- Gain an understanding of the rule of demand and its demonstration through the contrary linkage between price and the quantity of products demanded.
- Distinguish between movements along a demand curve and shifts in the demand curve.