When an economist says that the demand for a product has increased, this means that:
A. the product has become particularly scarce for some reason.
B. product price has fallen and as a consequence consumers are buying a larger quantity of the product.
C. the demand curve has shifted to the left.
D. consumers are now willing to purchase more of this product at each possible price.
Answer: D
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By the 18th century, the bulk of world output was produced in:
a. Asia b. Africa c. Europe d. The Asian offshoots e. none of the above
If a country's government moves from a budget deficit to a budget surplus, which curve in the market for loanable funds shifts and which direction does it shift? What happens to the interest rate?
Economic analysis generally supports a country's use of tariffs if imports harm an industry or firm vital to national security.
Answer the following statement true (T) or false (F)
The income effect of an inferior good is negative.
a. true b. false