What is the difference between a "change in demand" and a "change in quantity demanded"?
What will be an ideal response?
A "change in demand" means the demand curve has shifted. This is caused by a change in any variable other than price that can influence the market demand of the good in question. A "change in quantity demanded" refers to a movement along the demand curve and this is caused by a change in the price of the good in question.
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Which of the following is a fixed cost for Wendy's Hamburgers?
a. the cost of beef b. electricity to light up the Wendy's sign c. gasoline for the trucks that deliver supplies to the various franchises d. interest on funds borrowed to build new facilities e. expenditures on paper and plastic for packaging
The more elastic the demand for a good,
a. the more of an excise tax is that is collected by sellers b. the more of an excise tax that is paid by buyers c. the more an excise that is paid by sellers d. the more elastic the supply of that good e. the smaller the burden of a tax on that good