Learning Path
Question & Answer
Choose the Best Answer
The quantity demanded will decrease
The quantity demanded will increase
The quantity demanded will remain the same
The quantity demanded will become unpredictable
Understanding the Answer
Let's break down why this is correct
When oranges cost more, people usually buy fewer of them. Other options are incorrect because Some think a higher price makes oranges more desirable, but that is a misconception; The idea that price changes do not affect demand is wrong.
Key Concepts
Demand and Supply Basics
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Deep Dive: Demand and Supply Basics
Master the fundamentals
Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
Topic Definition
Demand and supply basics cover the fundamental concepts related to the quantities of a product that consumers are willing and able to purchase (demand) and the quantities that suppliers are willing to offer (supply) at different price levels. The law of demand and supply explains the inverse relationship between price and quantity demanded or supplied, leading to the formation of demand and supply curves.
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