If consumer tastes are changing more in favor of the consumption of a particular good the:
A. market demand curve will shift to the left.
B. consumer will move up a given demand curve, decreasing the quantity demanded.
C. maket demand curve would shift to the right.
D. consumer would move down a given demand curve, increasing the quantity demanded.
Answer: C
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Computer processors and memory costs have decreased dramatically in the past 25 years. As a result, in the computer market, we have seen
A. an increase in demand. B. an increase in supply. C. a decrease in demand. D. a decrease in supply.
Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a rice farm?
A) An increase in the price of rice B) A decrease in the price of rice C) A decrease in the population in the area where the farm is located D) An increase in the population in the area where the farm is located
Economists assume people are motivated by
A) unlimited resources. B) pride. C) self-interest. D) social justice.
A(n) ________ will shift the short-run industry supply curve of a perfectly competitive industry.
A. increase in the price of an input B. increase in the price of the product C. increase in the demand for the product D. increase in the income of consumers