If a Demand Curve Shifts to the Left, and Nothing

question 86

True/False

If a demand curve shifts to the left, and nothing else changes, this will cause a shortage in that market.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of it that suppliers are willing to sell at various prices.

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of the price changes.

Excise Tax

A tax imposed on specific goods and services, such as gasoline, cigarettes, and alcohol.

Upsloping

Describes a line or curve on a graph that moves upward as it progresses from left to right, often used to depict positive relationships between variables.