Demand shifters do not include
A. the price of the good.
B. the price of the other goods.
C. the consumer's income.
D. the level of advertising.
Answer: A
Economics
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When price and marginal cost are equal for a perfectly competitive firm, the firm is
A) minimizing average total cost. B) maximizing total revenue. C) maximizing economic profit. D) earning negative economic profit.
Economics
Refer to the game between James and Theodore depicted in Figure 12.2. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Right.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Down.
Economics