Suppose That We Illustrate Demand and Supply with Quantity on the Horizontal

question 40

Multiple Choice

Suppose that we illustrate demand and supply with quantity on the horizontal axis and price on the vertical axis. Which of the following statements is false?

• A)Changes in exogenous variables are represented by shifts in the demand and/or supply curves.
• B)Changes in endogenous variables are represented by movements along the supply and/or demand curves.
• C)Price and quantity are the exogenous variables in this representation.
• D)The equilibrium is represented as the intersection of supply and demand curves.

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Definitions:

Statute of Frauds

A legal doctrine requiring certain types of contracts to be in writing and signed by the party to be charged in order to be legally enforceable.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved to be legally enforceable.

Legal Studies Lecturer

An academic professional specializing in the teaching and research of law and its various branches.

Secondary Promise

A guarantee or promise that is auxiliary or supplementary to a primary promise in a contractual agreement.