With reference to the difference between a change in demand and a change in quantity demanded, which of the following is TRUE?
A) If a good's price goes down, then demand for the good will decrease.
B) If a good's price goes down, then quantity demanded will increase.
C) If demand increases, then the demand curve will shift to the left.
D) If price rises and quantity demanded decreases, then the demand curve will shift to the left.
Answer: B
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Over the past several years, the earnings gap between high-skilled and low-skilled workers has (i) narrowed because the demand for unskilled labor has risen over time relative to the demand for skilled labor. (ii) widened because the demand for skilled labor has risen over time relative to the demand for unskilled labor. (iii) narrowed because the supply of unskilled labor has risen over time
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