If a change in tastes is in favor of a commodity, that will mean a:
a. Movement down the demand curve
b. Movement up the demand curve
c. Shift in the whole demand curve to the left
d. Shift in the whole demand curve to the right
d. Shift in the whole demand curve to the right
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Which of the following statements is correct?
A. Marginal utility is the cumulation or summation of total utility B. Total utility is the cumulation or summation of marginal utility C. Total utility is the product of multiplying price times marginal utility D. Total utility is the change in marginal utility as quantity consumed increases
Refer to Goods X and Y. If the indifference curves are downward sloping straight lines (rather than convex curves), then we can conclude that
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. X does not affect the individual’s utility. b. Y does not affect the individual’s utility. c. both X and Y affect the individual’s utility. d. neither good affects the individual’s utility.