If the Demand Curve Shifts Down and to the Left

question 51

Multiple Choice

If the demand curve shifts down and to the left in an increasing cost market, then:

• A)both the short run and long run prices stay the same.
• B)both the short run and long run prices decrease.
• C)both the short run and long run prices increase.
• D)the short run price increases and the long run price stays the same.

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Definitions:

Producer

A producer is an individual or organization that creates goods or services for sale to consumers or other businesses.

Export

The sale of goods or services produced in one country to another country.

Worldwide Monopoly

A market structure in which a single company or entity has exclusive control over the production and sale of a product or service across the globe.

Tariff

A tax imposed by a government on imported or exported goods to regulate trade.