The difference between a change in quantity demanded and a change in demand is that a change in:
a. quantity demanded is caused by a change in a good's own current price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations.
b. demand is caused by a change in a good's own current price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations.
c. quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy.
d. A change in demand and a change in quantity demanded are the same thing.
a
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An economy produces at point a on the PPF shown in the above figure. A drought reduces the amount of wheat produced and the economy produces at point b. The opportunity cost of a unit of wheat ________
A) remains the same B) increases C) is impossible to calculate without numbers on the axes D) decreases
Out of the various types of M1 (demand deposits, coins and bank notes), only demand deposits
(a) can be used to generate loans by banks. (b) serve as a medium of exchange. (c) serve as a unit of account. (d) store value.
A household-products manufacturing firm was required to examine its organizational architecture in order to survive in the market. The three aspects of its organization that it looked into are
A. government regulation, technology, and decision rights. B. government regulation, technology, and markets. C. decision rights, rewards, and technology. D. decision rights, rewards, and evaluation systems.
Carefully explain why political pressure to protect industry has often been intense in the United States
What will be an ideal response?