When economists say that the demand for a product has decreased, they mean that:
a. The product has become particularly scarce for some reason
b. The demand curve has shifted to the left
c. Consumers are now willing and able to purchase more of this product at each possible price
d. The product price has increased and as a consequence consumers are buying less of the product
b. The demand curve has shifted to the left
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Which of the following is true of a payoff matrix?
A) It is the representation of only the best response of each player. B) It takes into account all relevant costs and benefits associated with each action of the players. C) It shows the payment made to each factor of production for the production of a good. D) It does not represent all the costs and benefits associated with the choices of the players.
If marginal product is equal to average product, then total product is at a maximum
Indicate whether the statement is true or false
All of the following would cause a rightward shift in the short-run aggregate-supply curve except
What will be an ideal response?
The largest union today is the _____________________.
Fill in the blank(s) with the appropriate word(s).