When an economist says that the demand for a product has increased, this means that O A. consumers are now willing to purchase more of this product at each possible price O B. the product has become particularly scarce for some reason. O C. product price has fallen and, therefore, consumers are buying a larger quantity of the product O D. The demand curve has shifted to the left

If goods A and B are substitutes, an increase in the price of A will result in Select one: a. no difference in the quantity sold of either good O b. None of the answers are correct O c. increases the demand for O d. reduces the demand for B

Compare the demand for sugar with demand for clothes. The demand for sugar is likely A. more elastic because sugar tends to represent a smaller fraction of a consumer's budget. O B. more elastic because sugar tends to represent a larger fraction of a consumer's budget. O C. more inelastic because sugar tends to represent a smaller fraction of a consumer's budget. D. more inelastic because sugar tends to be purchased more frequently. E. more elastic because sugar tends to be purchased in larger quantities.

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How is the price elasticity of demand measured? The price elasticity of demand is measured as A. the percentage change in the quantity supplied divided by the percentage change in the quantity demanded. B. the change in the quantity demanded divided by the change in price. c. the slope of the demand curve. D. the percentage change in the quantity demanded divided by the percentage change in price. O E. the quantity demanded divided by price. O O O O

Exhitbit SD.2 DI D2 |Quantity Refer to the above Supply-Demand diagram. One of the following factors causes the shift from S1 to S2, O the demand for low-fat meals has risen. O consumer income may have risen. O the quantity of resources used in the production of low-fat mcals has risen. demand for popular hcalthy foods increased. Price E.