The Phrase "A Change in Demand" Refers to a

question 47

Multiple Choice

The phrase "a change in demand" refers to a

• A)movement along the price curve.
• B)shift of the demand curve.
• C)change in the quantity demanded of a good.
• D)movement along the quantity curve.
• E)movement along a demand curve.

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Definitions:

Opportunity Cost

The cost of choosing one alternative over another, represented by the benefit foregone from not choosing the next best alternative.

Inefficient

Referring to a lack of effectiveness, not achieving maximum productivity; resulting in a waste of time, energy, or material.

Efficient

The state of achieving a maximum output from given resources, with minimal waste or inefficiency.

Normative Statement

Prescriptive assertions that express judgments about whether a situation is desirable or undesirable, reflecting values rather than facts.