A shift in demand occurs when
A) the price of that good changes.
B) the amount demanded of a good changes at each existing price.
C) there is a change in quantity demanded.
D) the price changes and the good is a normal good.
B
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In the income-expenditure model, equilibrium output is the level of output at which the 45-degree line intersects the planned expenditures line. Explain why this output level is an equilibrium level
Illustrate your answer with a diagram of the income-expenditure model.
Each of the following can explain why an order could not been carried out as intended, EXCEPT:
a. incompetence. b. opportunism. c. impossibility. d. obedience.
A model
A. is a complete representation of some phenomenon. C. is always expressed mathematically. D. cannot be qualitative in nature.
The price elasticity of demand
A) depends on the units in which quantity is measured. B) depends on the units in which price is measured. C) depends on the units in which money is measured. D) is independent of the units in which quantity and price are measured.