Once the demand curve for a product or service is drawn, it
a. remains stable over time.
b. can shift either rightward or leftward.
c. is possible to move along the curve, but the curve will not shift.
d. tends to become steeper over time.
b
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Which of the following would provide the best evidence that a commodity is being produced under conditions of perfect competition?
A) The supply curve is perfectly inelastic. B) The demand curve facing any one producer is perfectly elastic. C) The production of the commodity is large. D) The profits of producers are low.
Which of the following is true?
A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market. B. Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods. C. The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country. D. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.