6. A change in the price of good or service will have which effect on quantity demanded? us.cloud/contentmanager/AssignmentList.do 2/11 34 Agincourt International Academy/Ontario International Institute - a. It will shift demand, either to the left or to the right b. It will create a higher equilibrium price c. It will lead to movement along the demand curve, depending on the direction of the price change d. It will not have any effect on demand because supply remains the same 7. A shift in the supply curve may be caused by any of the following, except: a. An improvement in technology b. An increase in the cost of raw materials An increase in consumer incomes d. An increase in the number of firms in the industry 8. An increase in the price of a good which results in a decrease in total revenue is associated with: a. Inelastic demand b. Elastic demand C. Unitary demand d. Highly elastic supply 9. A country can use a combination of monetary and fiscal policies to stabilize or control their economy. Choose the most correct answer. a. The federal government is more active in monetary policy than fiscal policy b. Only monetary policy can affect the level of GDP c. Only fiscal policy can affect unemployment levels d. Only monetary policy changes interest rates 10. Which of the following would most likely be a variable cost for manufacturing business? a. Land b. Labour c. Rent d. Insurance premiums