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.
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