When economists say the quantity demanded of a product has increased, they mean the:
a. demand curve has shifted to the left.
b. demand curve has shifted to the right.
c. price of the product has fallen, and consequently, consumers are buying more of it.
d. price of the product has risen, and consequently, consumers are buying less of it.
c
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If the cross elasticity of demand between goods A and B is negative
A) the demands for A and B are both price elastic. B) the demands for A and B are both price inelastic. C) A and B are complements. D) A and B are substitutes.
In the 1970s and 1980s our productivity
A. increased at an increasing rate. B. Increased at a decreasing rate. C. Stayed about the same. D. decreased.
Over the years, teachers' salaries in the U.S. have ________ with inflation and ________ relative to the salaries of equally credentialed occupations.
A. decreased; decreased B. decreased; increased C. increased; increased D. increased; decreased
The use of money is more efficient than barter because the introduction of money
A. reduces the need for economic specialization. B. reduces the need to exchange goods. C. reduces transaction costs. D. reduces the need for other stores of value.