The difference between a change in quantity demanded and a change in demand is that a change in:
a. quantity demanded is caused by a change in a good's own current price, while a change in demand is caused by a change in some other variable, such as income, tastes, or expectations.
b. demand is caused by a change in a good's own current price, while a change in quantity demanded is caused by a change in some other variable, such as income, tastes, or expectations.
c. quantity demanded is a change in the amount people actually buy, while a change in demand is a change in the amount they want to buy.
d. A change in demand and a change in quantity demanded are the same thing.
a
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In the above figure, curve A is the ________ curve, curve B is the ________ curve, and curve C is the ________ curve
A) long-run aggregate supply; short-run aggregate supply; aggregate demand B) aggregate demand; short-run aggregate supply; long-run aggregate supply C) short-run aggregate supply; long-run aggregate supply; aggregate demand D) long-run aggregate supply; aggregate demand; short-run aggregate supply
In a typical business cycle, what stage immediately follows a peak?
(A) Contraction (B) Expansion (C) Growth (D) Trough