Suppose Price Is Measured Along the Vertical Axis on a Graph.When

question 10

Multiple Choice

Suppose price is measured along the vertical axis on a graph.When price changes,there will be a

• A)rotation of the curve.
• B)shift of the curve.
• C)movement along the curve.
• D)change in the slope of the curve.

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Definitions:

Demand Curve

A graph depicting the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at that price.

Monopsony

A market situation where there is only one buyer for a product or service, giving the buyer substantial control over the market price.

Collude

The act of cooperating or conspiring, especially in a secretive manner among firms, to limit competition or manipulate market prices.

Labor Supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to offer at those wages.