Question

When the price of a good or service changes, select one:

a. the demand curve shifts in the opposite direction.
b. the supply curve shifts in the opposite direction.
c. the supply curve shifts in the same direction.
d. there is a movement along a given supply curve?

Answer 1

When the price of a good or service changes,(b.) the demand curve shifts in the opposite direction. A movement along a given supply curve occurs when there is a change in the quantity supplied due to a change in price.

Step-by-step explanation:

When the price of a good or service changes, the demand curve shifts in the opposite direction. This means that as the price increases, the quantity demanded decreases, and vice versa. On the other hand, a movement along a given supply curve occurs when there is a change in the quantity supplied due to a change in price, while other factors affecting supply remain constant.

Answer 2

The answer is D.

When the price of a good or service changes, there is a movement along a given supply curve. A shift in a demand or supply curve changes the equilibrium price and equilibrium quantity for a good or service.