Question
The price of consuming music has significantly decreased over the past several decades. Previously a consumer would have to purchase expensive vinyls or CDs but
The price of consuming music has significantly decreased over the past several decades. Previously a consumer would have to purchase expensive vinyls or CDs but now there is cheaper online music and free streaming services. Which of the following statements is true?
The decrease in the price of music alone would see an increase in demand for music.
An individual's quantity demanded of music would decrease if price falls.
Ceteris paribus, the market quantity demanded of music will have increased with the fall in market price.
The market's quantity demanded of music will have fallen with the falling price.
The quantity demanded of music should remain unaffected if the market price falls.
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