Imagine that personal preferences and advertising change and the demand curve shifts outward (to the right). How will this impact production?
A) It will have no impact on production.
B) It will cause the quantity of output in production to increase.
C) It will cause the quantity of output in production to decrease.
D) It will cause technology, labor, and capital in production to increase.
Answer: A) It will have no impact on production.
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What are the three ways that the government redistributes income in the United States? Briefly discuss each
What will be an ideal response?
A contestable market will always end up as a monopoly in the absence of antitrust protection
Indicate whether the statement is true or false
A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
A. the quantity. B. 0. C. 1. D. infinity.
India and China are
A. LDCs. B. NICs. C. industrialized countries.