When You Move Along a Demand Curve

question 174

Multiple Choice

When you move along a demand curve:

• A) only price is held constant.
• B) income and the price of the good are held constant.
• C) all non-price determinants of demand are held constant.
• D) all determinants of quantity demanded are held constant.

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Definitions:

Derived Demand

The need for a product or service that is generated by the need for a different product or service.

Input Demand

The demand for resources (inputs) that are used in the production of goods and services.

Productivity

The measure of how efficiently inputs, such as labor and capital, are converted into outputs, such as goods and services.

Market Wage

The prevailing wage rate in the labor market for a given type of work, determined by supply and demand for labor.