Statement I: A change in supply and a change in quantity supplied are two ways of saying exactly the same thing.
Statement II: A change in income or changes in tastes and preferences for a good will cause a shift in the supply curve.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Correct Answer:
Verified
Q150: Q164: A shift in the supply curve for Q165: Suppose the TV news programs report that Q166: A rightward shift of the entire demand Q168: Statement I: An increase in demand is Q170: If the price of cameras rise,there will Q171: A shift in the demand for gasoline Q172: As income falls,the demand for inferior goods
A)rises.
B)falls.
C)stays
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