An increase in the price of ice cream is likely to cause:
A. an outward shift of the demand curve for ice cream.
B. a movement to the right along the demand curve for ice cream.
C. a movement to the left along the demand curve for ice cream.
D. an inward shift of the demand curve for ice cream.
Answer: C
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The point that each glass of lemonade consumed on a hot day brings lower and lower levels of satisfaction is known as the principle of
A) total benefits. B) increasing marginal cost. C) decreasing marginal benefit. D) increasing opportunity cost. E) decreasing marginal price.
Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world?
A) The growth model predicts that poor countries will catch up with rich countries, but lower-income industrialized countries are not catching up to higher-income industrialized countries as a group. B) The growth model predicts that poor countries should catch up with rich countries, but developing countries are not catching up to lower-income industrialized countries as a group. C) The growth model predicts that poor countries will catch up with rich countries, and this is what we observe across all developmental categories of countries. D) The growth model predicts that poor countries will never catch up with rich countries, but lower-income industrialized countries are catching up to higher-income industrialized countries as a group.
Why do opportunity costs primarily differ among nations?
What will be an ideal response?
Which of the following is most likely to cause the dollar to depreciate?
What will be an ideal response?