ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an increase in the equilibrium quantity of lettuce bought and sold
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an increase in the price of lettuce
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a shift in the demand curve for lettuce to the left
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a shift in the demand curve for lettuce to the right
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a shift in the supply curve for lettuce to the left
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Detailed explanation-1: -A boycott of lettuce would, if effective, cause: a decrease in the demand for lettuce. If an increase in the price of good X causes the demand for good Y to decrease, it can be concluded that: X and Y are complements.
Detailed explanation-2: -If the supply curve and the demand curve for lettuce both shift to the left by an equal amount, what can we say about the resulting changes in price and quantitiy? The price will stay the same, but the quantity will decrease.
Detailed explanation-3: -Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves? the quantity demanded equals the quantity supplied.
Detailed explanation-4: -Answer and Explanation: A change in the price of a good does not shift the demand curve. Instead, it causes a movement along the demand curve. A change in any other factors will shift the demand curve to the left or to the right.
Detailed explanation-5: -Ceteris paribus, which of the following would generally cause an increase in the demand curve for new automobiles? An increase in consumers’ income.