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Chapter 3: Q. 13 (page 78)

What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?

Short Answer

Expert verified

Buyers will demand less.

Step by step solution

01

Step1. Introduction

Demand curve depicts the relationship between the quantity demanded at various level of prices.

02

Step2. Explanation

As the prices increase, the people will demand less. Likewise, at lower price level, quantity demanded will be higher. This implies an inverse relationship between the price and quantity demanded. Hence, a downward sloping demand curve indicate that people will demand less at higher prices.

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Most popular questions from this chapter

Consider the demand for hamburgers. If the price

of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburgers? Why or why not? Illustrate your answer with a graph.

What is the effect of a price ceiling on the quantity demanded of the product? What is the effect of a price ceiling on the quantity supplied? Why exactly does a price ceiling cause a shortage?

Will demand curves have the same exact shape in

all markets? If not, how will they differ?

What causes a movement along the demand curve?

What causes a movement along the supply curve?

How can you locate the equilibrium point on a

demand and supply graph?
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