A Change in Which Variable Will Change the Market Demand

question 57

Multiple Choice

A change in which variable will change the market demand for a product?

• A)the price of the product
• B)population
• C)technology
• D)the prices of substitutes in production

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is unattainable.

Tax Per Unit

A tax that is levied on a per unit basis, meaning for every unit of a good produced or sold, a certain amount of tax is paid.

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service does not reach, or cannot reach, its equilibrium state.

Tax Per Unit

Tax per unit is a fixed amount of tax applied to a product or service, regardless of its price, which directly affects the supply curve by increasing production costs.