A shift in the demand curve occurs when
a. suppliers place more goods on the market.
b. the price of a good rises.
c. consumers want to buy more or less than before at a given price.
d. the price of the good falls.
c
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Joanne rents a TV production studio to produce an extra hour of a TV show. The rent is
A) a private cost and not an external cost. B) an external cost and not a private cost. C) both a private cost and an external cost. D) neither a private cost nor an external cost. E) a private benefit because viewers will benefit from watching the extra hour of the show.
The "law" of demand can be best described by
A) people will buy things that they enjoy. B) if incomes rise, people will buy more. C) a rise in price will cause shortages. D) a fall in price will increase quantity demanded.