Homework SourseIf for a given amount of a good or service willingness to pa
If, for a given amount of a good or service, willingness to pay decreases, then:
Select one:
a. supply has increased.
b. supply has decreased.
c. demand has increased.
d. demand has decreased.
If, for a given amount of a good or service, willingness to pay decreases, then:
Select one:
a. supply has increased.
b. supply has decreased.
c. demand has increased.
d. demand has decreased.
If, for a given amount of a good or service, willingness to pay decreases, then:
Select one:
a. supply has increased.
b. supply has decreased.
c. demand has increased.
d. demand has decreased.
Solution
Ans:
Option D
demand has decreased.
The demand for a good depends on number of factors and a decrease in the consumer willingness to pay for a given amount of a good or service means, the demand has decreased.
