A decrease in income should:
A: Shift demand for an inferior product inwards
B: Shift demand for an inferior product outwards
C: Shift supply for an inferior product outwards
D: Shift supply for an inferior product inwards
A: Shift demand for an inferior product inwards
B: Shift demand for an inferior product outwards
C: Shift supply for an inferior product outwards
D: Shift supply for an inferior product inwards
举一反三
- When household incomes go down and the quantity of a product demanded goes up, the product is:（） A: an inferior good. B: a necessity. C: a luxury good.
- The equilibrium price is a point at which buyers’ demand for a product and sellers’ supply of it are in balance.
- When sellers supply more of the product than buyers are willing to purchase, a ______ is created. A: shortage B: supply and demand schedule C: surplus D: demand
- An advance in technology that increases productivity and an increase in the working-age population results in a A: rightward shift of the labor supply curve. B: rightward shift of the labor demand curve. C: rightward shift of the labor demand curve and of the labor supply curve. D: no change to the production function.
- A fall in price: A: Will cause an inward shift of demand B: Will cause an outward shift of supply C: Leads to a movement along a demand curve D: Leads to a higher level of production