Which of the following statements is CORRECT?
A) A change in the quantity demanded means a shift in the demand curve.
B) A change in demand means a movement along the demand curve.
C) A change in demand and change in quantity demanded means the same thing.
D) A change in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve.
D
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A perfectly competitive firm's short-run supply curve is
A) its marginal cost curve above the shutdown point. B) its average total cost curve above the minimum of the average variable cost. C) its average variable cost curve above the breakeven point. D) horizontal at the market price.
A market is an institution that brings together: a. all the sellers in an economy selling the same product. b. the government and buyers
c. the government and firms. d. the buyers and sellers of goods and services.