When the price of peaches changes, the demand curve for peaches
a. shifts because the price of peaches is measured on the vertical axis of the graph.
b. shifts because the quantity demanded of peaches is measured on the horizontal axis of the graph.
c. does not shift because the price of peaches is measured on the vertical axis of the graph.
d. does not shift because the price of peaches is measured on the horizontal axis of the graph.
c
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All of the following occur whenever a government taxes a product except
A) the quantity consumed of that product falls. B) the price of that product rises. C) there will be no excess burden if the government's tax revenue is sufficiently large to offset the deadweight loss. D) the marginal benefit of the last unit sold exceeds the marginal cost of producing it.
The graph shown best represents:
A. a binding price ceiling.
B. a binding price floor.
C. a missing market.
D. a market for an inferior good.
Which of the following statements describes the situation for the United Kingdom at a real interest rate of 4 percent?
a. There is a capital inflow from the United States to the United Kingdom.
b. The quantity of loanable funds supplied by United Kingdom lenders is greater than the quantity demanded by United Kingdom borrowers.
c. The interest rate is at the equilibrium level for the United Kingdom.
d. U.K. borrowing is greater than U.K. lending, and the excess is exported to the United States as a capital outflow.
The Bretton Woods system:
A. committed the participating countries to a system of floating exchange rates. B. was set up as a result of the U.S. balance of payments crisis in the early 1970s. C. committed the participating countries to a system of fixed exchange rates. D. established the rules of the game of the gold standard.