If the Demand Curve Shifts Down and to the Left

question 12

Multiple Choice

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

• A)the long run price stays the same and the long run quantity increases.
• B)the long run price decreases and the long run quantity stays the same.
• C)the long run price and quantity increase.
• D)the long run price and quantity decrease.

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Definitions:

Scarce Resource

A resource that is limited in availability and cannot meet all demands placed on it by humans wanting unlimited access.

Farmland

Land used for farming and agriculture purposes to grow crops and/or rear animals, playing a critical role in the food supply chain and the economy.

Acres

A unit of area used primarily in the English-speaking world, representing 43,560 square feet or about 4046.86 square meters.

Single-Tax Movement

A political and economic movement that advocates for a single tax, often on land, to replace all other taxes, based on principles advocated by Henry George.