Which of the following statements is FALSE?
A. If the price of a good rises, quantity demanded of the good decreases and the demand curve shifts toward the origin as long as supply is static.
B. A change in the demand for a product is caused by factors other than changes in the product's price.
C. If there is an increase in the demand for a product, consumers want to buy more of the product at each and every possible price.
D. A decrease in demand shifts the demand curve leftward toward the origin, while a decrease in quantity demanded involves a movement upward along a particular demand curve.
Answer: A
You might also like to view...
Are all goods economic goods? Are all economic goods also goods? Explain
What will be an ideal response?
Which of the following is true?
a. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its total revenues and total cost. b. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average total cost. c. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its average revenue and average variable cost. d. The objective of the firm is to maximize profits, by producing the amount that maximizes the difference between its marginal revenue and marginal cost.
A reduction in taxes on domestic financial investments usually leads to capital outflows.
Answer the following statement true (T) or false (F)
Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy?
A. What will be produced? B. How is the output to be produced? C. How can the system accommodate change? D. Who is to receive the output?