A movement along a demand curve is called a change in:
A. income.
B. quantity demanded.
C. demand.
D. tastes.
Answer: B
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Referring to the previous question, all else constant, a one unit increase in the price of good Y would cause the quantity demanded of good X to:
A) decrease by 2 units. B) increase by 2 units. C) decrease by 1 unit. D) decrease by 5 units.
The focus of policy in the 1990s was
A) increasing trade. B) increasing employment. C) maintaining stable exchange rates. D) holding down inflation and increasing domestic output. E) levying beggar-thy-neighbor tariffs.
Factories and machines are examples of:
A. value-added goods. B. non-market goods. C. consumption goods. D. capital goods.
You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q2. Your firm's maximum profits are:
A. 85. B. 125. C. 100. D. 250.