A Leftward Shift in the Demand Curve for a Commodity

question 48

Multiple Choice

A leftward shift in the demand curve for a commodity may

• A) mean consumers are willing to buy more of the good at each price than previously.
• B) decrease the equilibrium price of the commodity.
• C) mean that supply decreased.
• D) mean that the price of a complement has fallen.
• E) follow from a rise in the price of the product.

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Definitions:

General Journal

A primary accounting record used to record all types of transactions and events in chronological order before they are posted to specific accounts.

Internal Control

Approaches and techniques employed by a business to protect the veracity of accounting and financial information, foster answerability, and inhibit dishonesty.

Cash Receipts

Money received by a business from transactions, including sales, loan proceeds, or other cash inflows.

Control Measures

Actions, mechanisms or policies implemented to regulate processes and diminish risks.