Which of the following statements is TRUE? (a) Change in demand and change in quantity demanded are just different names for the same thing. (b) A change in quantity demanded represents a change from one price and quantity demanded to another price and quantity demanded on the same demand relationship. (c) A change in quantity demanded is caused by a change in the price of the good and as such is an entirely endogenous change. (d) A change in demand is caused by a change in an exogenous factor. (e) A change in demand means that quantity demanded will change at every price and the demand curve representing tire demand relationship will shift. (f) A change in quantity demanded can result from a change in supply. (g) A change in demand can result from a change in supply. (h) There is no difference between a change in supply and a change in quantity supplied (i) A change in quantity supplied is caused by a change in price of the good, while a change in supply is caused by an exogenous factor.
Which of the following statements is TRUE?
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(a) Change in demand and change in quantity demanded are just different names for the same thing. |
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(b) A change in quantity demanded represents a change from one |
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(c) A change in quantity demanded is caused by a change in the price of the good and as such is an entirely endogenous change. |
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(d) A change in demand is caused by a change in an exogenous factor. |
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(e) A change in demand means that quantity demanded will change at every price and the demand curve representing tire demand relationship will shift. |
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(f) A change in quantity demanded can result from a change in supply. |
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(g) A change in demand can result from a change in supply. |
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(h) There is no difference between a change in supply and a change in quantity supplied |
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(i) A change in quantity supplied is caused by a change in price of the good, while a change in supply is caused by an exogenous factor. |
Introduction
In economics, demand refers to consumers' willingness and ability to buy a specific quantity of an item or service at a specific price. The availability of a specific quantity of an item or service at a given price is referred to as supply.
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