Which of the following will cause a movement along the demand curve for shoes?
A) an increase in the price of socks
B) an increase in income
C) an increase in the price of shoes
D) all of the above
Answer: C
Economics
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When a farmer decides to raise hogs instead of cattle, the farmer is answering the ________ part of one of the two big economic questions
A) "what" B) "for whom" C) "how" D) "why"
Economics
A market with a negative externality
a. will be regulated by the government b. is an example of a natural monopoly c. will be Pareto efficient, as long as bargaining costs are high enough d. will produce less than the efficient quantity, thereby creating a welfare loss e. will produce more than the efficient quantity, thereby creating a welfare loss
Economics