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If the price of pants increases, what would you expect would happen in the market for pants? a
If the price of pants increases, what would you expect would happen in the market for pants?
a. There would be a movement to the right along the demand curve.
b. There would be a movement to the left along the demand curve.
c. There would be a shift to the left of the demand curve.
d. There would be a shift to the right of the demand curve.
e. There is both a movement along and a shift of the demand curve.
Expert Solution
- The correct answer choice is: b. There would be a movement to the left along the demand curve.
The demand curve is a downward-sloping function of price and quantity. If there is an increase in the price of pants, this would cause a leftward movement along the demand curve for pants. As a result, the quantity demanded of pants will decrease.
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