When economists say the quantity demanded of a product has increased, they mean the
a. demand curve has shifted to the left.
b. demand curve has shifted to the right.
c. price of the product has fallen, and consequently, consumers are buying more of it.
d. price of the product has risen, and consequently, consumers are buying less of it.
C
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An increase in autonomous consumption means that
A) the consumption function shifts down. B) the consumption function shifts up. C) the consumption function becomes steeper. D) the consumption function becomes less steep.
If the price of inputs falls and the budget deficit rises due to an increase in government spending, then the:
a. Price index rises, and real GDP falls. b. Price index is uncertain, and real GDP rises. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. Price index falls, and real GDP falls.
The aggregate supply curve will be horizontal if
A. there is no cyclical unemployment. B. the economy is operating with considerable idle capacity. C. the economy is close to full employment. D. the economy is producing real GDP in excess of its potential.
The points outside the production possibilities frontier are
A) efficient. B) attainable. C) inefficient. D) unattainable.