Which of the Following Statements About Demand and Supply Accurately

question 35

Multiple Choice

Which of the following statements about demand and supply accurately describes the direction one of the curves will take if one variable is altered?

• A) The supply curve will shift to the left if taxes are decreased.
• B) The demand curve will shift to the left if buyers' incomes increase.
• C) The demand curve will shift to the right if the number of buyers decreases.
• D) The supply curve will shift to the left if the number of suppliers increases.

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Definitions:

Imaginary Audience

A concept in adolescent psychology where an individual believes that his or her behavior is the focus of everyone else's attention.

Personal Fable

A form of adolescent egocentrism, involving a belief in the uniqueness of one's own feelings and immortality.

Formal Operations

The last phase of cognitive development according to Piaget's theory, marked by the capacity for abstract, logical, and systematic thinking.

Introspection

The examination or observation of one's own mental and emotional processes.