Which of the following does NOT cause a shift in demand?
A) change in income
B) change in tastes
C) change in the price of the good
D) change in the price of a related good
Answer: C
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Which of the following statements is TRUE about the market and individual firm's supply curve for labor?
A) The market supply curve is perfectly elastic and the individual firm's supply curve is perfectly inelastic. B) The market supply curve is perfectly inelastic and the individual firm's supply curve is perfectly elastic. C) The market supply curve is more elastic than the firm's supply curve. D) The market supply curve is more inelastic than the firm's supply curve.
An increase in demand will cause a(n)
a. increase in supply b. decrease in supply c. decrease in quantity supplied d. increase in quantity supplied e. decrease in equilibrium price