Question

Josef is selling pumpkins at the fall festival. He initially charges $5 a pumpkin but not many people are buying. He decides to lower the price per pumpkin to $4. How will the demand for pumpkins change?


Select the best answer from the choices provided.



The quantity demanded would go down because the quantity supplied has gone down.



The quantity demanded would go up because the price has gone down.



The quantity demanded would go down because the price has gone down.



The quantity demanded would go up because the quantity supplied has gone up.