Asked by
Jenny Lynch
on Nov 11, 2024
Verified
Which of the following statements about a demand curve is true?
A) The demand curve for a good will not shift when money income of consumers increases.
B) If price increases,the demand curve shifts to the right.
C) The demand curve for a good will not shift when its price changes.
D) If a supply curve shifts,thereby changing the price,the demand curve will shift as well.
E) If a demand curve shifts,the supply curve will shift as well,whether or not the price changes.
Demand Curve
A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.
Money Income
The number of dollars a person receives per period, such as $400 per week.
Supply Curve
A curve showing the relation between the price of a good and the quantity producers are willing and able to sell per period other things constant.
- Identify determinants responsible for movements along and changes in demand curves.
- Describe how moving along a demand curve differs from the demand curve experiencing a shift.
Verified Answer
NP
Learning Objectives
- Identify determinants responsible for movements along and changes in demand curves.
- Describe how moving along a demand curve differs from the demand curve experiencing a shift.