The diagram shows the demand curve for a good.
What can be concluded about a single downward-sloping demand curve?
consumers increase demand when their incomes rise
consumers plan to buy less when prices rise
firms produce less as prices rise
firms sell more when prices rise
What determines a consumer's demand for a product?
the consumer's
income
the consumer's
willingness to buy
the product
the price of the
product
✓
✓
✓
key
✓
✓
×
✓ = yes
x
✓
✓
no
✓
×
✓
The diagrams show the demand curves for the only two buyers in a market.
What will be the shape of the market demand curve for the good?