The price of house paint, a normal good, has gone up. This change can be shown graphically as a:
A. shift in the demand curve to the right.
B. shift in the demand curve to the left.
C. movement along the demand curve to the right.
D. movement along the demand curve to the left.
D. movement along the demand curve to the left.
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The tariff levied in a "large country" (Home), lowers the world price of the imported good. This causes
A) foreign consumers to demand less of the good on which was levied a tariff. B) domestic demand for imports to decrease. C) domestic demand for imports to increase. D) foreign suppliers to produce less of the good on which was levied a tariff. E) no change in the foreign price of the good it imports.
A small increase in the annual rate of economic growth can lead to a larger increase in growth over time due to the effects of
A) the money supply. B) compounding. C) regression towards the mean. D) averaging.
An example of third-party financing of health care is
A) patients paying for their visit to the doctor. B) patients not going to the doctor in order to save money. C) a patient going to another doctor for a second or a third opinion. D) Medicare.
Which of the following correctly describes the relationship between the marginal cost and average variable cost curves?
a. MC is everywhere above AVC b. AVC is everywhere above MC c. MC crosses AVC at AVC's minimum point d. MC crosses AVC at MC's minimum point e. both AVC and MC first rise and then fall