Which of the following is most likely to shift the demand curve for electricity to the left?
A. consumers becoming more energy conscious.
B. an increase in income.
C. a decrease in the price of electricity.
D. an increase in the price of natural gas, a substitute source of energy.
Answer: A
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The term market refers to the:
A. physical location where buyers and sellers meet to exchange goods for money. B. buyers and sellers who trade a particular good or service, not to a physical location. C. location where buyers go to fulfill their wants and needs. D. physical or virtual place of exchange.
Economists generally believe that a country’s productivity and growth is driven by ______.
a. access to international markets b. increases in natural resources c. human population increases d. technological progress
An increase in demand, holding supply constant, will tend to cause:
a. Lower prices and a smaller quantity sold b. Lower prices and a larger quantity sold c. Higher prices and a larger quantity sold d. Higher prices and a smaller quantity sold
The return on human capital
A. cannot be related to the return on physical capital since human capital and physical capital are so different. B. is similar to the return on physical capital. C. tends to be much lower than the return on physical capital. D. tends to be much greater than the return on physical capital.