Which of the Following Is Not Held Constant in a Demand

question 53

Multiple Choice

Which of the following is not held constant in a demand schedule?

• A)income
• B)tastes
• C)price
• D)expectations

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Definitions:

Consumer Surplus

The dissimilarity in what consumers intend to pay for a good or service versus what they actually spend.

Producer Surplus

The disparity between the minimum amount sellers are ready to take for a product or service and the actual price they get in the market.

Price Received

The amount of money paid to a seller or producer for a good or service, excluding any taxes, fees, or additional charges.

Deadweight Losses

A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.