The desire for carrots changes as one moves down the demand curve for carrots.
Answer the following statement true (T) or false (F)
False
A movement along a demand curve represents how many carrots people are willing and able to buy at different price levels. A change in desire for carrots will cause the demand curve to change (shift).
You might also like to view...
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP.
What will be an ideal response?
The elasticity of a perfectly horizontal line is ______; the elasticity of a perfectly vertical line is _____.
Fill in the blank(s) with the appropriate word(s).
At equilibrium, the market will clear, with no surpluses or shortages occuring
Indicate whether the statement is true or false.
Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A. shallower. B. steeper. C. horizontal. D. vertical.