Explain the difference between a change in the quantity demanded and a shift in the demand curve
What will be an ideal response?
A shift in the demand curve means that at every price, consumers buy a different quantity than before. This shift of the entire curve is what economists refer to as a change in demand.
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If the government eliminates a tax on a good with a perfectly elastic supply, who benefits most?
A) buyers B) sellers C) buyers if the demand is also perfectly elastic, otherwise sellers D) buyers if the demand is unit elastic, otherwise sellers E) Buyers and sellers benefit equally.
The graph below represents the market for alfalfa. The market price is $7.00 per bushel. Identify the areas representing consumer surplus, producer surplus, and economic surplus
What will be an ideal response?
Everything else held constant, if aggregate output is to the left of the LM curve, then there is an excess ________ of money which will cause the interest rate to ________
A) supply; fall B) supply; rise C) demand; fall D) demand; rise
An increase in the supply of music downloads indicates that more music downloads will be
A. supplied, even if prices of music downloads stayed the same. B. demanded, because sellers are putting music downloads on sale. C. demanded, because sellers are selling more music downloads. D. supplied, because music download prices have decreased.