A decrease in quantity demanded is given by a(n):
a. downward shift of the demand curve.
b. upward shift of the demand curve.
c. downward movement to the right along the demand curve.
d. upward movement to the left along the demand curve.
e. downward shift of both demand and supply curves.
d
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High-income countries such as the United States spend a greater amount on services as compared to goods
Indicate whether the statement is true or false
The average variable cost of producing 4 posters is
a. $2.00. b. $2.50. c. $5.00. d. $3.33.
Economic conditions favor firms getting larger (producing larger quantity) when the firms are producing under conditions of:
a. Decreasing returns to scale b. Increasing returns to scale c. Constant returns to scale
The government would want the economy to contract when real GDP is
A. Above potential GDP and the price level is falling B. Below potential GDP in the price level is falling C. Above potential GDP and the price level is rising