Figure 3-3
In , if the initial demand for margarine were D1, the impact of a decrease in the price of butter, a substitute good for margarine, would be illustrated as
a.
a shift in the demand curve to D2.
b.
a shift in the demand curve to D3.
c.
a movement downward to the right along the original demand curve D1.
d.
none of the above.
b
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Traditionally, economists regarded improvements in technology as
A) unrelated to economic growth in any systematic way. B) the most important factor that helped explain economic growth, and basically the only factor that would cause economic growth. C) an important factor in explaining economic growth that was due to economic forces that also could easily be explained. D) an outside factor that helped explain economic growth.
A resource is something that
a. is used to produce goods and services b. is provided by nature, not made by society c. exists in unlimited quantities d. must be produced by a firm e. consumes goods and services