In economic terms, an increase in the demand for a product means that:
A. The demand curve has shifted to the left
B. The product's price has fallen, and as a result, consumers are buying a larger quantity of the product
C. The product has become scarce for some reason
D. Consumers are now willing to purchase more of the product at each possible price
In economic terms, an increase in the demand for a product means that:
A. The demand curve has shifted to the left
B. The product's price has fallen, and as a result, consumers are buying a larger quantity of the product
C. The product has become scarce for some reason
D. Consumers are now willing to purchase more of the product at each possible price
Related textbook solutions
Related questions
1. Assume the equilibrium price of product Z is $10. A decrease in the current price from $14 to $12 will cause an increase in the quantity:
A. Supplied, a decrease in the quantity demanded, and a decrease in the market surplus.
B. Supplied, a decrease in the quantity demanded, and a decrease in the market shortage.
C. Demanded, a decrease in the quantity supplied, and a decrease in the market surplus.
D. Demanded, a decrease in the quantity supplied, and the market shortage is eliminated.
E. Demanded, a decrease in the quantity supplied, and a decrease in the market shortage.
| 2. The Wall Street Journal (newspaper) of August 24, 2016, reported that the Chinese government recently increased the demand for wheat. When an economist says the demand for wheat has increased, she means that: | |||||||||||||||||
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