Why does demand not change when the price of a good changes with no change in the other influences on buying plans?
What will be an ideal response?
If the price of a good falls and nothing else changes, then the quantity of the good demanded increases and there is a movement down along the demand curve, but the demand for the good remains unchanged and the demand curve does not shift.
Economics
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All of the following trends and characteristics of American population growth occurred from Independence to the Civil War except
(a) The size of the average family was increasing. (b) Populations living in urban places increased. (c) There was extensive settlement in rural areas. (d) Growth was very rapid.
Economics
Use the above table. If the marginal revenue product is $20, how many workers will the profit maximizing monopsonist hire?
A. 1 B. 2 C. 3 D. 4
Economics