With reference to the difference between a change in demand and a change in quantity demanded, which of the following is TRUE?
A) If a good's price goes down, then demand for the good will decrease.
B) If a good's price goes down, then quantity demanded will increase.
C) If demand increases, then the demand curve will shift to the left.
D) If price rises and quantity demanded decreases, then the demand curve will shift to the left.
Answer: B
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Government regulations that increase the cost to the employer of hiring workers will:
A. increase the supply of labor. B. increase the demand for labor. C. decrease the supply of labor. D. decrease the demand for labor.
The highest valued alternative that must be given up in order to choose an option is called
a. opportunity cost. b. utility. c. scarcity. d. disutility.
When demand is inelastic, the price elasticity of demand is
a. less than 1, and price and total revenue will move in the same direction. b. less than 1, and price and total revenue will move in opposite directions. c. greater than 1, and price and total revenue will move in the same direction. d. greater than 1, and price and total revenue will move in opposite directions.
When the Art Institute of Chicago purchases a painting by Mary Cassatt that she produced in Paris in 1885, this would not be included in the U.S. GDP for 2015.
Answer the following statement true (T) or false (F)