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Author Question: In economic terms, to say that there has been an increase in demand for a product means that: a. ... (Read 34 times)

mynx

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  • Posts: 555
on: Jun 30, 2018
In economic terms, to say that there has been an increase in demand for a product means that:
 a. the demand curve has shifted to the left.
  b. the product's price has fallen and as a result consumers are buying a larger quantity of the product.
  c. the product has become scarce for some reason.
  d. consumers are now willing to purchase more of the product at each possible price.

Question 2

Which of the following would shift the demand curve for autos to the right?
 a. A fall in the price of autos. b. A fall in the price of auto insurance.
  c. A fall in consumers' incomes. d. A fall in the price of steel.


Tonyam972

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

b


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