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Expansion and Contraction of Demand Concept

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Expansion and Contraction of Demand Concept

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Questions and Answers

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?

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?

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?

A decrease in the price of the commodity Signup and view all the answers

According to the law of demand, what is the relationship between the price of a good and the quantity demanded?

The quantity demanded decreases as the price increases Signup and view all the answers

Which of the following would NOT cause a shift in the demand curve?

A change in the price of the good itself Signup and view all the answers

Suppose the price of a good increases. According to the law of demand, what would happen to the quantity demanded?

The quantity demanded would decrease Signup and view all the answers

Which of the following would cause a rightward shift of the demand curve?

An increase in consumer tastes for the good Signup and view all the answers

Suppose the price of a good decreases. According to the law of demand, what would happen to the quantity demanded?

The quantity demanded would increase Signup and view all the answers

Which of the following would cause a leftward shift of the demand curve?

A decrease in consumer tastes for the good Signup and view all the answers