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Which of the following is true about the demand curve?
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3. Supply and Demand
The Basics of Demand
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If the price of a product were to go down, what would typically happen to the quantity demanded according to the law of demand?
A
The quantity demanded would decrease.
B
The quantity demanded would become negative.
C
The quantity demanded would remain unchanged.
D
The quantity demanded would increase.
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Recall the law of demand, which states that, all else equal, when the price of a product decreases, the quantity demanded of that product increases.
Understand that this relationship is inverse: price and quantity demanded move in opposite directions.
Visualize this on a demand curve, where a decrease in price causes a movement downward along the curve, leading to a higher quantity demanded.
Note that this change is a movement along the demand curve, not a shift of the demand curve itself, which would be caused by other factors.
Therefore, when the price goes down, the quantity demanded typically increases, reflecting consumer behavior to buy more at lower prices.
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