14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ . a. Contraction of demand b. Decrease in demand c. Extension of demand d. Increase in demand
14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ . a. Contraction of demand b. Decrease in demand c. Extension of demand d. Increase in demand
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 3QR
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14. A consumer is moving up on the demand curve due to the rise in the price of the product. This movement is called as ___________ .
a.
Contraction of demand
b.
Decrease in demand
c.
Extension of demand
d.
Increase in demand
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