If a demand curve shifts left,it implies
A) as a group, consumers are willing and able to pay less for the product.
B) as a group, consumers are willing and able to pay more for the product.
C) government has regulated how many people can purchase the product.
D) the profit motive of the firms is making the price too high.

Question

Quizplus · Accepted Answer

When the demand curve shifts left, it means that the quantity demanded for the product has decreased at each price level. This indicates that, as a group, consumers are willing and able to pay less for the product. This could be due to a variety of factors such as a change in consumer preferences, a decrease in income or a change in the availability of substitute goods.

If a Demand Curve Shifts Left,it Implies