An "Increase in the Quantity Demanded" Means That

question 13

Multiple Choice

An "increase in the quantity demanded" means that

• A) the demand curve has shifted to the right.
• B) the supply curve has shifted to the left.
• C) price has declined and consumers therefore want to purchase more of the good.
• D) given supply,the price of the good can be expected to rise.

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Definitions:

Opportunity Cost

The opportunity cost is the value of the best alternative forgone when a decision is made to take a specific action, representing the trade-offs inherent in every decision.

Regions

Geographical areas defined by specific characteristics, boundaries, or features that set them apart from other areas.

Misallocation

Inefficient distribution or use of resources, often resulting in reduced economic efficiency or productivity.

Improved Quality

Enhancements or upgrades to the standards of products, services, or processes to exceed previous benchmarks.