When economists say the demand for a product has increased, they mean the:
a. demand curve has shifted to the right.
b. price of the product has fallen, and consequently, consumers are buying more of it.
c. cost of producing the product has risen.
d. amount of the product that consumers are willing to purchase at various prices has decreased.
a
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With the debris of more than 50 years of climbing on the beautiful high slopes — oxygen canisters, tents, backpacks and even some bodies — Mount Everest has been called the world's highest garbage dump
If Everest is a common resource, currently there is an ________ of the mountain. A) inefficient underuse B) efficient overuse C) efficient underuse D) inefficient overuse
Along a perfectly competitive industry's long-run supply curve
A) economic profits are positive. B) economic profits are zero. C) entrepreneurs earn an above-average rate of return. D) the number of firms is constant.
When the capital (a fixed input) changes
A) short-run marginal costs rise. B) short-run average total costs fall but do not shift. C) labor inputs decline. D) the short-run average total cost curve shifts.
The quantity of imports will increase when there is
A) a reduction in the real exchange rate. B) an increase in domestic output. C) an increase in foreign output. D) all of the above E) none of the above