Other Things Constant, an Increase in Consumer Income Will

question 324

Multiple Choice

Other things constant, an increase in consumer income will

• A) shift the demand curve for automobiles to the left.
• B) shift the demand curve for automobiles to the right.
• C) cause a movement along the demand curve for automobiles, but it will not shift the demand curve.
• D) lead to a reduction in the supply of automobiles.

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Definitions:

Monte Carlo Simulation

A computational algorithm that relies on repeated random sampling to obtain numerical results, often used to model probabilities of different outcomes in a complex system.

Random Numbers

A sequence of numbers or symbols that cannot be reasonably predicted better than by a random chance, often used in simulations and statistical sampling.

Standard Probability Distributions

Specific mathematical functions that provide the probabilities of occurrence of different possible outcomes for a particular phenomenon.