As the Price of a Good Increases,the Change in the Quantity

question 136

Multiple Choice

As the price of a good increases,the change in the quantity demanded can be shown by

• A) shifting the demand curve leftward.
• B) shifting the demand curve rightward.
• C) moving down along the same demand curve.
• D) moving up along the same demand curve.

---

Definitions:

Cost Minimizing

The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.

Inputs

The resources such as labor, materials, and capital used in the production process.

MRTS

Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input can be reduced for every increase in another input while maintaining the same level of output.