The change in the quantity demanded of any good is always caused by:
a. a change in consumers' preferences for that good.
b. a change in the general income levels of the consumers who buy that good.
c. an increase or decrease in the population.
d. a change in the price of that good.
e. a change in the price of substitute goods.
d
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Figure 4.3 illustrates the demand for tacos. Assume tacos are a normal good. An increase in income would bring about a movement from
A) point a to point b. B) point c to point b. C) D2 to D1. D) D0 to D1.
John and Mary work at a bakery. John can decorate either 10 ice-cream cakes or 4 wedding cakes; Mary can decorate either 8 ice-cream cakes or 2 wedding cakes. According to this scenario
A) the opportunity cost of decorating a wedding cake for Mary is 4 ice-cream cakes. B) the opportunity cost of decorating a wedding cake for Mary is 1/4 ice-cream cake. C) the opportunity cost of decorating a wedding cake for Mary is 2 1/2 ice-cream cakes. D) the opportunity cost of decorating a wedding cake for Mary is 2/5 ice-cream cake.
According to the law of demand, when the price of gas rises, Question 18 options:
A. people will drive more. B. oil refining companies record financial losses. C. car sales increase. D. people decrease the quantity of gas demanded, perhaps by driving less.
The demand curve for the product of a monopolistic competitor
A. is horizontal. B. is vertical. C. is the same as the market demand curve. D. slopes downward.