When there is a change in the quantity demanded it means that the:
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- When there is a change in the quantity demanded it means that the: A: hours the customer can buy products each day have increased. B: number of products in inventory have increased. C: quantity a consumer is willing to buy changes when the price changes. D: selling price of the products has not changed.
- When a monopolistically competitive firm raises its price, A: quantity demanded falls to zero. B: quantity demanded declines but not to zero. C: the market supply curve shifts outward. D: quantity demanded remains constant.
- If the market price of a good is below the equilibrium price ______ A: quantity demanded Hill exceed quantity supplied, resulting in a shortage. B: quantity demanded Hill exceed quantity supplied, resulting in a surplus. C: quantity supplied will exceed quantity demanded, resulting in a shortage. D: quantity supplied will exceed quantity demanded, resulting in a surplus. E: the supply curve will shift to the left and the demand curve will shift to the right.
- The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve ( ) A: compares percentage changes in quantity demanded and price. B: compares absolute changes in quantity demanded and price. C: obeys the law of demand. D: is not constant when the demand curve is linear.
- If shoes rise in price, the demand curve for shoes ( ) and the quantity of shoes demanded ( ). A: shifts leftward; decreases B: shifts leftward; does not change C: does not shift; decreases D: does not shift; does not change