Differentiate between a change in quantity demanded and a change in demand
A change in a good's own, current price is said to lead to a change in quantity demanded. The movement happens along the demand curve. Changes in factors other than price can shift the entire demand curve. A change in demand happens due to changes in the prices of related goods, income, number of buyers, tastes, and expectations.
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The amount Jacqueline receives for selling cupcakes beyond the minimum she would be willing to sell the cupcakes for is called
A) consumer surplus. B) producer surplus. C) cooperative surplus. D) deadweight loss.
Even if the City Council fixed high minimum taxi fares and gave licenses to operate to only a few cab owners, license holders would not earn large profits from operating taxis in the city because
A) people would drive their own cars. B) people would substitute buses for taxis. C) taxis are not a necessity of life. D) the cost of owning a license would eat up the potential profits from operating a taxi. E) the demand would fall as taxi fares rose.
A productive project is one that generates
What will be an ideal response?
Economic data:
A. are sometimes revised months or years after their initial release. B. are never fully reliable, even after years of revisions. C. tend to be completely reliable and accurate when first reported. D. are meaningless if not interpreted by a policymaker with good instincts.