A(n)________ Is Represented by a Leftward Shift of the Demand

question 88

Multiple Choice

A(n) ________ is represented by a leftward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve.

• A)decrease in demand; increase in demand
• B)decrease in demand; increase in quantity demanded
• C)increase in demand; decrease in quantity demanded
• D)decrease in quantity demanded; decrease in demand

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Definitions:

Price Controls

Government-imposed limits on prices charged for goods and services to manage economy.

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach its equilibrium.

Quotas

Limits set by government on the quantity of goods that can be imported or produced, intended to protect domestic industries.

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.