If, for a given amount of a good or service, willingness to pay decreases, then:
ID: 1149084 • Letter: I
Question
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.
Explanation / Answer
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.