Which one of the following statements is correct? A. A rise in the price of a good will cause the supply curve of that good to shift to the right (ie the supply of the good will increase). B. A fall in the price of a good will result in a rightward shift of the demand curve, ceteris paribus (ie the demand for the product will increase). C. The quantity demanded of a good depends on the availability of the good. D. Demand is a synonym for wants. In other words, if a consumer demands a good it simply means that he or she wants the good. E. A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product (illustrated by a rightward shift of the supply curve).
Which one of the following statements is correct?
A. A rise in the
the supply of the good will increase).
B. A fall in the price of a good will result in a rightward shift of the
paribus (ie the demand for the product will increase).
C. The quantity demanded of a good depends on the availability of the good.
D. Demand is a synonym for wants. In other words, if a consumer demands a good it simply
means that he or she wants the good.
E. A decrease in the prices of the factors of production used to produce a certain product will
give rise to an increase in the supply of the product (illustrated by a rightward shift of the
supply curve).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
