“Otherthingsequal,whenthepriceofagoodrises,thequantitydemandedofthegoodfalls,andwhenthepricefalls,thequantitydemandedrises.”Thisrelationshipbetweenpriceandquantitydemandedisreferredtoas
A. equilibrium.
B. the law of demand.
C. the relationship between supply and demand.
D. the definition of an inferior good.
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Whenwemovealongagivendemandcurve,
A. only price is held constant.
B. income and price are held constant.
C. all nonprice determinants of demand are held constant.
D. all determinants of quantity demanded are held constant.
Whenquantitydemandeddecreasesateverypossibleprice,thedemandcurvehas
A. shifted to the left.
B. shifted to the right.
C. not shifted; rather, we have moved along the demand curve to a new point on the same curve
D. not shifted; rather, the demand curve has become flatter.
Whichofthefollowingchangeswouldnotshiftthedemandcurveforagoodorservice?
A. a change in income
B. a change in the price of the good or service
C. a change in expectations about the future price of the good or service
D. a change in the price of a related good or service
Whichofthefollowingisnotadeterminantofthedemandforaparticulargood?
A. the prices of related goods
B. income
C. tastes
D. the prices of the inputs used to produce the good
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