What is the difference between a "change in demand" and a "change in quantity demanded"?
What will be an ideal response?
A "change in demand" means the demand curve has shifted. This is caused by a change in any variable other than price that can influence the market demand of the good in question. A "change in quantity demanded" refers to a movement along the demand curve and this is caused by a change in the price of the good in question.
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The income elasticity of demand for movies in the United States is 3.41. If people's incomes decrease by 1 percent, what is the decrease in the quantity of movies demanded?
What will be an ideal response?
Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is
A) 15 million. B) 22 million. C) 37 million. D) 7 million.
Joshua consumes only apples and bread and is in consumer equilibrium. Joshua reads that eating bread is healthy, so his total utility from each loaf of bread increases. At his new consumer equilibrium Joshua would consume
A) more apples and less bread. B) fewer apples and more bread. C) some combination of apples and bread corresponding to a lower ratio of the marginal utility of bread to the marginal utility of apples. D) the same quantity of apples and the same quantity of bread.
The U.S. Social Security tax is an example of a
A) progressive tax. B) proportional tax. C) premium tax. D) regressive tax.