Which of the Following Is Not Held Constant When Considering

question 111

Multiple Choice

Which of the following is not held constant when considering a shift in the demand for pizza?

• A) Consumer incomes.
• B) The price of pizza.
• C) The price of spaghetti (a substitute).
• D) Expectations of higher prices for pizzas.

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Definitions:

Industry Supply Schedule

A chart or graph showing the varying quantities of a product that producers are willing to supply at different price levels.

Decreasing-Cost Industry

An industry in which the costs of production decrease as the industry grows and output increases.

LRAC Curve

Stands for Long-Run Average Cost curve, which shows the lowest average cost at which a firm can produce any given level of output in the long term when all inputs are variable.

Decreasing-Cost Industry

An industry in which production costs decrease as the industry grows and output increases, often due to economies of scale.