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Card 65 / 100: Explain how the demand for something can remain constant, but the quantity demanded can decline.
Answer:
If the price goes up, then we move along the original demand curve. The curve itself stays put, so "demand" is constant, but at the higher price there is a lower quantity demanded. Sample Partial Credit Answer The price can change.
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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