An increase in demand:
a. results in a leftward shift of the demand curve.
b. could be caused by a decrease in the price of the good.
c. could be caused by an increase in the price of a substitute good.
d. is shown as movement down along a demand curve.
c
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Refer to Figure 4-1. What is the total amount that Kendra is willing to pay for 1 ice cream cone?
A) $0.50 B) $3.50 C) $9.00 D) $13.50
Explain the concept, goals, and methods of integrated rural development
What will be an ideal response?
Suppose external benefits are present in a market which results in the actual market price of $49 and market output of 800 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient price would be higher than $49. b. The efficient price would be lower than $49. c. The efficient price would also be $49. d. The efficient output would be less than 800 units.
Resources are directed from one industry to another by
A. Market failure. B. Government failure. C. Changes in market prices. D. None of the choices are correct.