A shift in demand occurs when
A) the price of that good changes.
B) the amount demanded of a good changes at each existing price.
C) there is a change in quantity demanded.
D) the price changes and the good is a normal good.
Question 2
Which of the following best describes how economists test the empirical predictions of economic models?
A) Economists survey individuals to learn about how people think through decisions about how much to purchase or to produce.
B) Economists collect and analyze real-world observations of people's actions to discern if those actions accord with theories' predictions.
C) Based on theories about thought processes, economists seek to determine which thought processes predominate in determining how a person decides what actions to take.
D) Recognizing that people always do what they say they will do, economists rely exclusively on information gleaned from polls and surveys conducted by poll takers and market researchers.
Drug tolerance: A shift in the dose-response curve to the right as a result of exposure to the drug.
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Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...