Changes in the price of a product can cause
a. A movement along the demand curve
b. A shift of the demand curve
c. A shift of the supply curve
d. All of the above
a
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How wages are determined is best described by:
A. economic factors only. B. economic factors, with strong influences by political and social forces. C. government regulation only. D. political and social forces only.
In the graph shown, which of the world supply curves is associated with a trade balance?
A. WAS0 B. WAS1 C. WAS2 D. None create surpluses.
If, regardless of price, the quantity demanded is a constant amount, then the demand curve is:
A. horizontal. B. vertical. C. upward sloping. D. downward sloping.
Refer to Figure 7.4. If the market was perfectly competitive, the consumer surplus would be:
A. $850. B. $625. C. $300. D. $100.