Have a question?
Message sent Close

Global Society (ECON 2105H) Econ Test Notes

Instructor
Sandra Watson
0
0 reviews
  • Description
  • Full Document
Blur-Preview

Georgia Southern University

Eco In Global Society (Honors) (ECON 2105H)

from the list​ below, select the variable that will cause the demand curve to​ shift:

– According to the law of demand, there is an inverse relationship between price and
quantity demanded. That is, the demand curve for goods and services slopes downward.
Why? When the price of a good increases, consumer’s purchasing power decreases,
and they cannot buy as much of the good as they did prior to the price change.
– In general, the term “ceteris paribus” means all else equal.
– When economists speak of a shortage, they mean a situation in which all of the above.
– The diagram in panel b is an example of a demand curve.
– Market price is determined by both supply and demand.
– On the diagram to the right, a movement from A to B represents a change in quantity
demanded.
– On the diagram to the right, a movement from B to C represents a change in supply.
– According to the law of demand, there is an inverse relationship between price and
quantity demanded.
– From the list below, select the variable that will cause the demand curve to shift?
Consumer income.
– What do economists mean by market equilibrium? A market outcome where quantity
supplied is equal to quantity demanded.
– Which of the following would cause a shift in the demand curve from point A to point B?
All of the above.

PREVIEW

 

 Global Society (ECON 2105H) Econ Test Notes

NOTE: Please check the details before purchasing the document.

error: