The demand curve for Widgets is given by QD = 125 + 1.5y - 25p + 30pG, where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in the price of Widget itself will cause Group of answer choices 1 demand shifts left. 2 demand increases. 3 movement along the demand curve. 4 demand shifts right.
The demand curve for Widgets is given by QD = 125 + 1.5y - 25p + 30pG, where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in the price of Widget itself will cause Group of answer choices 1 demand shifts left. 2 demand increases. 3 movement along the demand curve. 4 demand shifts right.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The demand curve for Widgets is given by QD = 125 + 1.5y - 25p + 30pG, where QD is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in the price of Widget itself will cause
Group of answer choices
1 demand shifts left.
2 demand increases.
3 movement along the demand curve.
4 demand shifts right.
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