Explain the difference between a change in demand and a change in quantity demanded. Be sure to specify what causes each to change and how they differ when graphed
A change in demand results from a change in one or more of the determinants of demand:
prices of related goods (substitutes and complements), income of buyers, number of buyers, expectations of future price, and preferences of buyers. When demand changes the entire demand curve shifts to the right (an increase in demand) or to the left (a decrease in demand). A change in quantity demanded results from a change in a good's own price and is shown on a graph by a movement along a given demand curve.
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Jennifer owns a pig farm near Salina, Kansas. Last year she earned $39,000 in total revenue while incurring $38,000 in explicit costs. She could have earned $27,000 as a teacher in Salina. These are all her revenue and costs
Therefore Jennifer earned an A) accounting profit of $1,000 but incurred an economic loss of $26,000. B) accounting profit of $1,000 but incurred an economic loss of $65,000. C) accounting profit of $1,000 but incurred an economic loss of $38,000. D) economic profit of $1,000. E) None of the above answers is correct.
As nominal Gross Domestic Product (GDP) rises, people will wish to
A) hold less money for transactions. B) hold more money for transactions. C) spend less. D) invest only in stocks.
The textbook argues that "congestion pricing", if properly implemented, could make all drivers better off by
What will be an ideal response?
In representative democracy, voters are ____________ and politicians are ______________
A. agents; principals B. logrollers; principals C. agents; employees D. principals; agents