When Economists Say the Demand for a Product Has Increased

question 37

Multiple Choice

When economists say the demand for a product has increased, they mean the

• A) demand curve has shifted to the right.
• B) price of the product has fallen, and consequently, consumers are buying more of it.
• C) cost of producing the product has risen.
• D) amount of the product that consumers are willing to purchase at various prices has decreased.

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Definitions:

Étienne-Jules Marey

A French scientist and chronophotographer, whose work is significant in the development of motion pictures.

Eadweard Muybridge

An English photographer important for his pioneering work in photographic studies of motion and early work in motion-picture projection.

Public Exhibition

The act of showing artworks, films, or other forms of creative output to the general public in galleries, theaters, or other accessible spaces.

Leland Stanford

An American industrialist, politician, and founder of Stanford University, known for his significant contribution to the development of the California railroad system.