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:

Subletting

The act of a tenant leasing out the rented property to another party, often subject to the terms of the original lease agreement.

Consent

The voluntary agreement to or approval of what is done or proposed by another; especially important in legal and medical contexts.

Generally Enforceable

Describes a legal agreement or contract that is valid and capable of being executed or acted upon under the law.

Subletting

The act of renting out a leased property by the original tenant to a third party for a subset of the lease period.