Which of the following factors will lead to a shift in the demand curve?
A. changes in the price of the good
B. changes in consumers' tastes and preferences
C. changes in technology
D. changes in the costs of inputs
Answer: B
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When you use currency to buy lunch, money is performing which function?
A) store of value B) medium of exchange C) barter token D) unit of purchase E) unit of currency
Consider the straight-line demand curve illustrated in the figure above. At a price of $6, demand is
A) inelastic. B) elastic. C) unit elastic. D) More information is needed to determine if the demand is elastic, unit elastic, or inelastic.
For a profit-maximizing monopolist,
a. P > MR = MC. b. P = MR = MC. c. P > MR > MC. d. MR < MC < P.
Which is the most accurate statement?
A. We are living well beyond our means and we face an imminent financial crisis as foreigners refuse to accept U.S. dollars. B. We cannot continue running huge current account deficits. C. We can easily run up larger and larger current account deficits without any serious consequences. D. Large and growing current account deficits are good for our economy.