If the Price of a Commodity Increases, All Other Things

question 148

Multiple Choice

If the price of a commodity increases, all other things unchanged, you would expect the:

• A) demand to decrease.
• B) quantity demanded to increase.
• C) quantity demanded to decrease.
• D) demand curve to shift to the left.

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Definitions:

Supply

The total amount of a product (goods and services) available for purchase at any specified price.

Single Tax

A fiscal policy advocating for a sole tax to be levied on a single source, often proposed as a tax on land value.

Economic Rents

Payments to a factor of production in excess of the cost needed to bring that factor into production.

Land Ownership

The legal right to possess, use, and control land.