An increase in the quantity demanded is shown by
A. a movement up along a demand curve.
B. a leftward shift of the demand curve.
C. a rightward shift of the demand curve.
D. a movement down along a demand curve.
Answer: D
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The two largest sources of tax revenue for the U.S. federal government are
A. personal income taxes and payroll taxes. B. personal income taxes and corporate income taxes. C. payroll taxes and excise taxes. D. excise taxes and customs duties.
Is it possible for the total market demand for a good at the prevailing price to be inelastic while the demand facing any one seller of the good is highly elastic?
A) No, because each seller's demand is a part of the total demand. B) No, because if this were the case the price would fall until the market demand became elastic. C) No, because if this were the case the price would rise until the market demand became elastic. D) Yes, and it's actually quite common.
A firm's opportunity costs ________
A) equal the costs of resources it buys from others in the market B) include the cost of using resources owned by the firm C) increase when economies of scope exist D) do not include any opportunity costs for resources the owner suppliers
Sally’s Sweaters operates in a perfect competition market. This means Sally faces which of the following?
a. Many competitors and is a price taker b. Many competitors and is a price setter c. Few competitors and is a price taker d. Few competitors and is a price setter