Podcast
Questions and Answers
What does a movement along the demand curve indicate?
What does a movement along the demand curve indicate?
- A shift of the entire demand curve to the right or left
- A change in demand due to a change in income, tastes, or prices of other goods
- A change in the factors that were assumed to remain constant
- A change in quantity demanded due to a change in the price of the commodity (correct)
What does a shift of the demand curve indicate?
What does a shift of the demand curve indicate?
- A movement along the same demand curve
- A change in demand due to a change in income, tastes, or prices of other goods (correct)
- A change in quantity demanded due to a change in price
- A change in the factors that were assumed to remain constant
Which of the following would cause a contraction of demand?
Which of the following would cause a contraction of demand?
- An increase in the price of the commodity (correct)
- An increase in consumer income
- A decrease in the price of a substitute good
- A decrease in the price of the commodity
Which of the following would cause an expansion of demand?
Which of the following would cause an expansion of demand?
According to the law of demand, what is the relationship between the price of a good and the quantity demanded?
According to the law of demand, what is the relationship between the price of a good and the quantity demanded?
Which of the following would NOT cause a shift in the demand curve?
Which of the following would NOT cause a shift in the demand curve?
Suppose the price of a good increases. According to the law of demand, what would happen to the quantity demanded?
Suppose the price of a good increases. According to the law of demand, what would happen to the quantity demanded?
Which of the following would cause a rightward shift of the demand curve?
Which of the following would cause a rightward shift of the demand curve?
Suppose the price of a good decreases. According to the law of demand, what would happen to the quantity demanded?
Suppose the price of a good decreases. According to the law of demand, what would happen to the quantity demanded?
Which of the following would cause a leftward shift of the demand curve?
Which of the following would cause a leftward shift of the demand curve?
