The opportunity cost of a good is the same as its
A.money price.
B.relative price.
C.price index.
D.none of the above
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If income increases or the price of a complement falls, the
A.demand curve for a normal good shifts leftward.
B.demand curve for a normal good shifts rightward.
C.supply curve of a normal good shifts leftward.
D.supply curve of a normal good shifts rightward.
The law of demand states that the quantity of a good demanded varies
A.inversely with its price.
B.inversely with the price of substitute goods.
C.directly with income.
D.directly with population.
If the price of chocolate chip cookies rises, then
A.the demand curve for chocolate chip cookies shifts rightward.
B.the demand curve for chocolate chip cookies shifts leftward.
C.there is a movement downward along the demand curve for chocolate chip cookies.
D.there is a movement upward along the demand curve for chocolate chip cookies.
Which of the following best reflects an increase in quantity demanded and not an increase in demand?
A.A college expects enrollment to increase, despite no change in the tuition.
B.Skiing becomes a fashionable winter sports activity.
C.The price of hair styling falls.
D.Consumers expect lower prices next month for computers.
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