A decrease in demand means that quantity demanded falls
A. at least one price.
B. at a few prices.
C. at most prices.
D. at all prices.
D. at all prices.
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Indifference curves shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) with none of the above because changes in income and prices do not shift indifference curves.
An increase in consumer wealth would shift the aggregate demand curve rightward
Indicate whether the statement is true or false
Figure 15-1 above displays the consumption pattern over the lifetime of an individual. Saving and asset accumulation occur during the years ________ according to ________ theory of consumption
A) R to L; Keynes' B) R to L; Modigliani's C) O to R; Friedman's D) O to R; Modigliani's
Firms in a monopolistically competitive market face ________ demand curves and earn ________ economic profits in the long run
A) downward sloping; zero B) downward sloping; positive C) horizontal; zero D) horizontal; negative