A decrease in consumer preference for a product, other things being equal, will cause:

Question

BlackTom AI · Accepted Answer

When consumer preferences for a product decline, the overall desire to purchase that product at every price tends to fall. This change is captured by a leftward shift of the market demand curve, not just a movement along the curve, because the entire relationship between price and quantity demanded has weakened.

In this context, 'other things being equal' means all other determinants of demand (income, prices of related goods, expectations, number of buyers, etc.) are held constant, so the sole change is the change in preference. A lower preference translates into a smaller quantity demanded at every price, which is represented graphically by a shift of the demand curve to the left.

It is important to distinguish between a shift in demand and a change in quantity demanded. A decrease in preference does not merely cause a movement up or down the same demand curve (which would be a change in quantity demanded due to a price change); it shifts the entire curve leftward because the baseline willingness to buy has dropped.

Given that the provided answer states 'market demand to shift to the left,' this aligns with the concept that a drop in consumer preference reduces overall demand for the product at all price levels, resulting in a leftward shift of the market demand curve.

ECON 203-0001 Chapter 6

A decrease in consumer preference for a product, other things being equal, will cause:

查看解析

登录即可查看完整答案

类似问题

The possible reason for the movement from point A to point B on the figure below is changing ___.

Figure 4-3 Refer to Figure 4-3. The shift from Da to Db is called

Which of the following would shift the demand curve for gasoline to the right?

Refer to Figure 3-1. Using the graph below and beginning on D1, a shift to D2 would indicate a(n):

Part E: A decrease in demand would be represented by a shift from D2 to

The graph above shows demand pivoting outward. Which of the following statements is correct?

MC Qu. 81 A tax on buyers will cause... A tax on buyers will cause the Blank schedule to shift Blank . BlackTom Analysis

更多留学生实用工具

考试浏览器助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单

ECON 203-0001 Chapter 6

A decrease in consumer preference for a product, other things being equal, will cause:

查看解析

登录即可查看完整答案

类似问题

The possible reason for the movement from point A to point B on the figure below is changing ___.

Figure 4-3 Refer to Figure 4-3. The shift from Da to Db is called

Which of the following would shift the demand curve for gasoline to the right?

Refer to Figure 3-1. Using the graph below and beginning on D1, a shift to D2 would indicate a(n):

Part E: A decrease in demand would be represented by a shift from D2 to

The graph above shows demand pivoting outward. Which of the following statements is correct?

MC Qu. 81 A tax on buyers will cause... A tax on buyers will cause the ________ Blank schedule to shift ________ Blank . BlackTom Analysis

更多留学生实用工具

希望你的学习变得更简单

MC Qu. 81 A tax on buyers will cause... A tax on buyers will cause the Blank schedule to shift Blank . BlackTom Analysis