When economists say that the demand for a product has decreased, they mean that
A. consumers are now willing and able to buy less of this product at each possible price.
B. the demand curve has shifted to the right.
C. the product has become particularly scarce for some reason.
D. the product has become more expensive and thus consumers are buying less of it.
Answer: A
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Bobby is offered two fulltime jobs. In the first job, as a salesperson, he has a 50 percent chance to make $2,000 a month and a 50 percent chance to make $10,000 a month. The second job, as a construction worker, pays $4,500 a month with certainty
Bobby's utility of wealth curve is shown in the figure above. Bobby will take the ________ job because his expected ________ from this job is greater. A) first; utility B) second; utility C) second; income D) first; income
The difference between economies of scale and economies of scope is:
a. economies of scale occur whenever inputs can be shared in the production of different products b. economies of scope occur whenever inputs can be shared in the production of different products c. economies of scale can occur when two or more products are produced d. economies of scope can occur when two or more products are produced e. both b and d
Place point Q on the graph to indicate an unemployment rate of 100 percent, point R to indicate full employment and point S to indicate where the United States economy usually operates.
If the marginal product of an input is falling, then
A) average fixed cost is constant. B) marginal cost is falling. C) average total cost is constant. D) marginal cost is rising.