14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ . a. Contraction of demand b. Decrease in demand c. Extension of demand d. Increase in demand

14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ . a. Contraction of demand b. Decrease in demand c. Extension of demand d. Increase in demand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ .

Contraction of demand

Decrease in demand

Extension of demand

Increase in demand

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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The price elasticity of demand curve’s slope depends on a. the units used to measure price but not the units used to measure quantity. b. the units used to measure quantity but not the units used to measure price. c. the units used to measure price and the units used to measure quantity. d. neither the units used to measure price nor the units used to measure quantity.
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The price elasticity of demand depends on a. the units used to measure quantity but not the units used to measure price. b. neither the units used to measure price nor the units used to measure quantity. c. the units used to measure price and the units used to measure quantity. d. the units used to measure price but not the units used to measure quantity. Clear my choice
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