A change in quantity demanded
A) is a shift of the demand curve.
B) is a movement along the demand curve.
C) can be either a shift or a movement along the demand curve.
D) is caused when there is a change in a ceteris paribus factor.
B
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Taxes impact incentives to use resources since they distort relative prices
Indicate whether the statement is true or false
The term "business fluctuations" refers to
A) changes in overall business activity, as evidenced by changes in national income, employment, and the price level. B) changes in the general price level from inflation to deflation, or vice versa. C) changes in the full employment level of economic activity. D) changes in the value of the dollar.
If two individuals have identical schooling, their incomes will be equal.
Answer the following statement true (T) or false (F)
According to the text, a convincing argument against concentration of market power is that
A. The exercise of market power results in a higher price. B. Market power increases incentives for innovation and invention. C. Market power results in lower barriers to entry. D. Large firms can produce more efficiently than small firms because of diminishing returns in production.