When less of a good, service, or resource is demanded at all prices, we expect the demand curve to shift to the
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Step 1: When the demand for a good decreases at all prices, the demand curve shifts to the left. Show more…
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When economists say that the supply for a product has decreased, they mean that the: 1. supply curve has shifted to the right. 2. product has become more expensive and thus consumers are buying less of it. 3. supply curve has shifted to the left. 4. product has become particularly abundant for some reason.
Haricharan G.
Which one of the following statements is correct? A. A rise in the price of a good will cause the supply curve of that good to shift to the left (i.e., the supply of the good will decrease). B. A fall in the price of a good will result in a rightward shift of the demand curve, ceteris paribus (i.e., the demand for the product will increase). C. The quantity demanded of a good depends on the price and availability of the good. D. Demand is a synonym for wants. In other words, if a consumer demands a good, it simply means that he or she wants the good. E. A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product (illustrated by a rightward shift of the supply curve).
Jennifer S.
1. A farmer can grow wheat or corn. If the price of wheat increases, the farmer expects a better return from growing wheat. All else equal, the corn supply curve a. shifts to the right. b. shifts to the left. c. stays where it is. This is a movement along the corn supply curve. d. becomes a backward-bending curve. 2 The opportunity cost of a new public highway is the a. other goods and services that must be sacrificed to construct the new highway. b. money cost of hiring contractors and construction workers for the new highway. c. cost of constructing the new highway in a future year. d. increase traffic from the use of the new highway. 3. All else equal, which of the following will cause the demand curve for a good to shift to the left (decrease)? a. an increase in the price of the good. b. an expectation of a future price decline. c. a decrease in the price of the good. d. an increase in the supply of a good.
Andrew D.
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