Asked by Stacey Nolasco on Jul 25, 2024
Verified
A movement along a demand curve can be attributed to a change in:
A) the demand for a good.
B) the opportunity cost of producing a good.
C) the quantity demanded of a good.
D) the substitution effect of consuming a good.
E) the income and preference of a consumer.
Opportunity Cost
The cost of foregone alternatives, representing the benefits one could have received by taking a different decision.
Substitution Effect
The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.
Demand Curve
A curve showing the relation between the price of a good and the quantity consumers are willing and able to buy per period, other things constant.
- Understand the basic concept of the law of demand and its implications for the relationship between price and quantity demanded.
- Identify factors that cause movements along and shifts in demand curves.
Verified Answer
SC
Selena CharlesJul 25, 2024
Final Answer :
C
Explanation :
A movement along a demand curve is caused by a change in the quantity demanded of a good in response to a change in the price of the good. The other choices do not directly cause a movement along a demand curve.
Learning Objectives
- Understand the basic concept of the law of demand and its implications for the relationship between price and quantity demanded.
- Identify factors that cause movements along and shifts in demand curves.