If a Demand Curve Shifts, We Know That

question 73

Multiple Choice

If a demand curve shifts, we know that

• A) the price of the good itself is not a factor.
• B) the price of the good itself is a factor.
• C) the price of the good and supply are the major factors.
• D) the price of the good and demand are major factors.

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Definitions:

Period Cost

Costs that are not directly associated with the production of goods and are expensed in the period they are incurred, such as administrative and selling expenses.

Variable Cost

Charges that adjust according to the volume of goods produced or sold, specifically materials and labor costs.

Opportunity Cost

The foregone benefit that could have been achieved from options not chosen when selecting one among several alternatives.

Property Taxes

Taxes assessed on real estate by local government, based on the property's value.