Movements Along a Demand Curve Caused by a Change in Price

question 12

Multiple Choice

Movements along a demand curve caused by a change in price probably means that:

• A) There has been and endogenous shift in the demand curve.
• B) There has been an exogenous shift in the demand curve.
• C) There has been a shift in an exogenous factor that affects supply.
• D) The supply curve is not shifting.

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Definitions:

License

A legal permission granted by an authority to engage in a particular activity or to use a particular property not owned by the license holder.

Real Property

Land and anything permanently attached to it, such as buildings, in contrast to personal property.

Easement

An easement is a legal right to use another's land for a specific limited purpose without owning it.

By Prescription

A method of acquiring legal rights or ownership of property through long and continuous use or occupancy.