A Change in Which of the Following Shifts the Demand

question 115

Multiple Choice

A change in which of the following shifts the demand curve?

• A)The tastes and preferences of consumers
• B)The number of sellers in the market
• C)The technology with which the product is produced
• D)The price of the resources used to produce the product

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Definitions:

Baking Cakes

The process of preparing cakes by mixing ingredients and cooking them, typically in an oven.

Absolute Advantage

The ability of a country or individual to produce a good or service more efficiently than another, using fewer resources.

Lowest Opportunity Cost

The situation where choosing one option incurs the smallest possible loss of potential benefits from other alternatives, a key concept in comparative advantage and economic decision-making.

Fewest Resources

The condition of having the minimal amount of resources, including labor, capital, and natural resources, required for production.