If the demand curve is vertical a rightward shift of the supply curve will lead to
A) an increase in quantity supplied.
B) an increase in quantity demanded.
C) a decrease in quantity demanded.
D) a decrease in price.
D
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If it costs you $60 to produce 3 widgets and $64 to produce 4 widgets, the marginal cost to you of producing a 4th widget is
A) $62. B) $20. C) $18. D) $6. E) $4.
When the consumer spends a small portion of his income on a good, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) elastic, unit-elastic or inelastic depending upon supply.
If all consumers had identical preferences, then their marginal utility schedules would be the same
a. True b. False Indicate whether the statement is true or false
The multiplier effect suggests that:
A. spending $1 increases GDP by more than $1. B. spending $1 increases GDP by less than $1. C. saving $1 increases GDP by more than $1. D. spending $1 decreases GDP by more than $1.