When two variables in a graph are related to a third, changing the third causes
A) a movement along the curve.
B) a shift of the curve.
C) no change in the curve because the third variable isn't on the axes.
D) either a shift or a movement in the curve, but more information is needed to determine which occurs.
E) None of the above answers is correct.
B
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William is a wheat farmer and wheat sells in a perfectly competitive market, with an equilibrium price of $5 per bushel. Its marginal revenue: a. is greater than $5
b. is $5. c. is less than $5. d. cannot be determined from the above information.
(Consider This) At fast-food restaurants:
A. consumers enjoy complete and accurate information. B. decisions are usually made by trial and error. C. decisions entail comparisons of marginal costs and marginal benefits. D. benefits always exceed costs.