18. The primary difference between a change in demand and a change in the quantity demanded is: (Points: 3)
a. a change in demand is a movement along the demand curve and a change in quantity demanded is a shift in the demand curve.
b. a change in quantity demanded is a movement along the demand curve and a change in demand is a shift in the demand curve.
c. both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions.
d. both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions.
19. Given that chicken and beef are substitute goods, if the price of chicken decreases substantially, there would be: (Points: 3)
a. an increase in the demand for beef.
b. a decrease in the demand for beef.
c. a decrease in the quantity of beef demanded.
d. no change in the demand for beef.
21. The primary difference between a change in supply and a change in the quantity supplied is: (Points: 3)
a. a change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve.
b. both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions.
c. a change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that elicit a change in supply.
d. a change in supply is a movement along the supply curve, while a change in quantity supplied is a shift in the supply curve.
My answers were 18.b 19.c 21.a
Tags: