When economists say that the demand for a product has decreased, they mean that Multiple Choice the demand curve has shifted to the right. the product has become more expensive and thus consumers are buying less of it. consumers are now willing and able to buy less of this product at each possible price. the product has become particularly scarce for some reason.

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11-07-2022
Business

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When economists say that the demand for a product has decreased, they mean that Multiple Choice the demand curve has shifted to the right. the product has become more expensive and thus consumers are buying less of it. consumers are now willing and able to buy less of this product at each possible price. the product has become particularly scarce for some reason.

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tutorconsortium33 tutorconsortium33 · Answer 1 · 2022-07-20T13:08:38+02:00

When economists say that the demand for a product has decreased, they mean that (C) Consumers are now willing and able to buy less of this product at each possible price.

What happens when the demand curve shifts towards the right side?

A movement to the right in-demand signifies an increase in the quantity demanded at every price.
For example, if drinking cola gets more popular, demand will rise at all prices.
So, option (A) cannot be the answer.

Reasons -

It is not mentioned in the question that there is an increase in the price of the product.
So, option (B) is also wrong.
If a product becomes scarce for some reason, then the demand for the product should increase if the company is not able to fulfill the current demand for the product.
So, option (D) is also wrong.
The correct option is (C) as the consumers are not willing to buy the product much at any price.

Therefore, the correct option is (C) Consumers are now willing and able to buy less of this product at each possible price.

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Complete question:

When economists say that the demand for a product has decreased, they mean that Multiple Choice

(A) the demand curve has shifted to the right.

(B) the product has become more expensive and thus consumers are buying less of it.

(C) consumers are now willing and able to buy less of this product at each possible price.

(D) the product has become particularly scarce for some reason.