If the demand for milk is downward sloping, then what will an increase in the price of milk result in?
A) a decrease in the demand for milk
B) an increase in the demand for milk
C) an increase in the quantity of milk demanded
D) a decrease in the quantity of milk demanded

Question

Quizplus · Accepted Answer

When the demand for milk is downward sloping, an increase in price will result in a decrease in the quantity of milk demanded. This is because as the price increases, consumers will typically look for substitutes for milk or reduce their consumption of milk altogether. However, it is important to note that this decrease in quantity demanded is not the same as a decrease in demand, which is a shift in the entire demand curve.

If the Demand for Milk Is Downward Sloping, Then What