A decrease in consumer preference for a product, other things being equal, will cause:

• A. a movement up along the demand curve
• B. a rightward shift of the demand curve
• C. no change in the demand curve
• D. a leftward shift of the demand curve

Answer: (D)

Verified step by step guidance

1. Understand the difference between a movement along the demand curve and a shift of the demand curve. A movement along the demand curve occurs when the price of the product changes, holding other factors constant.
2. Recognize that a change in consumer preference is a non-price determinant of demand. This means it affects the demand curve itself, not just the quantity demanded at a given price.
3. Recall that a decrease in consumer preference means consumers want less of the product at every price level, which reduces demand.
4. Translate this decrease in demand into a graphical change: the entire demand curve shifts to the left, indicating lower quantity demanded at each price.
5. Conclude that the correct description of the effect of a decrease in consumer preference is a leftward shift of the demand curve, not a movement along it or no change.