price effect - Meaning, Image, Examples & Etymology - Learn English Visually

the change in the quantity demanded of a good or service resulting from a change in its price.

Meanings

the change in the quantity demanded of a good or service resulting from a change in its price.

When the price of coffee decreases, the price effect leads to an increase in the quantity demanded.

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Antonyms

the impact of a price change on the purchasing power of a consumer's income.

A rise in the price of essential goods can have a significant price effect on low-income families.

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Last updated: 2025/01/11 11:58