A Changes in Which of the Following Shifts the Demand

question 482

Multiple Choice

A changes in which of the following shifts the demand curve for hamburgers?

• A) an increase in the price of a hamburger
• B) a fall in the price of french fries, a complement for hamburgers
• C) an increase in the number of hamburger restaurants
• D) an increase in the price of the meat used to produce hamburgers

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Definitions:

Monopolistic Competition

A market structure characterized by several competitors offering differentiated products or services, allowing for some degree of pricing power.

Nonprice Factors

Aspects of a product or service that affect consumer choice other than price, such as quality, brand reputation, or convenience.

Oligopolistic Competition

An economic system where a few large corporations control the market, resulting in restricted competition.

Price Competition

A market situation in which competitors attempt to outdo each other on price, as opposed to features, benefits, or services.