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Suppose the accompanying graph depicts a hypothetical market for analog TVs. If the price of analog TVs increases, what will most likely happen to the quantity demanded, holding all else constant?
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3. Supply and Demand
The Basics of Demand
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A demand curve shows how changes in which of the following affect the quantity demanded of a good?
A
consumer income
B
the price of related goods
C
the price of the good
D
production technology
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Understand that a demand curve specifically illustrates the relationship between the price of a good and the quantity demanded of that good, holding other factors constant.
Recognize that changes in consumer income or the price of related goods (substitutes or complements) cause the demand curve itself to shift, rather than movement along the demand curve.
Identify that a movement along the demand curve occurs only when the price of the good changes, leading to a change in quantity demanded.
Recall that production technology affects supply, not demand, so it does not directly influence the demand curve.
Conclude that the demand curve shows how changes in the price of the good affect the quantity demanded, while other factors shift the entire demand curve.
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