A change in demand means there has been a shift in the demand curve, and a change in quantity demanded
A. Results from a change in price of other goods.
B. Means that price has changed and there is movement along the demand curve.
C. Means a shortage or surplus will result from holding prices constant.
D. Also means demand has shifted.
Answer: B
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The above figure shows the apartment rental market in Bigtown. At what rent will there be neither a shortage nor a surplus of apartments?
A) $1250 per month B) $1000 per month C) $750 per month D) $500 per month
The GDP Price Index and the Consumer Price Index measure prices of the same set of goods
a. True b. False
What is meant by a final good or service as opposed to an intermediate good or service? Why are only final goods and services included in the calculation of GDP?
Figure 3-3
In , if the initial demand for margarine were D1, the impact of an increase in the price of margarine from $0.35 to $0.40 per pound on consumer purchases would be illustrated as
a.
a shift in the demand curve to D2.
b.
a shift in the demand curve to D3.
c.
a movement upward to the left along the original demand curve D1.
d.
none of the above.