The Demand Curve for a Typical Good Has An)

question 37

Multiple Choice

The demand curve for a typical good has an) :

• A) negative slope because some consumers switch to other goods as the price rises.
• B) negative slope because consumer incomes fall as the price of the good rises.
• C) negative slope because the good has less "snob appeal" as its price falls.
• D) inverse slope because as the price goes up, the good has more profitability.

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Definitions:

Lewis and Clark Expedition

A journey undertaken by Meriwether Lewis and William Clark from 1804 to 1806, across North America to explore the lands west of the Mississippi River acquired in the Louisiana Purchase.

Louisiana Purchase

The acquisition by the United States of America of over 800,000 square miles of territory from France in 1803, doubling the size of the nation.

Economic Potential

The capacity of a country, region, or sector to generate goods and services and grow its economy, influenced by resources, labor, technology, and innovation.

Native Americans

The indigenous peoples of the United States, including the cultures, tribes, and individuals who inhabited the land prior to European colonization.