ECO2013 – Homework Ch. 3

Your page rank:

Total word count: 455
Pages: 2

Calculate the Price

- -
275 words
Looking for Expert Opinion?
Let us have a look at your work and suggest how to improve it!
Get a Consultant

The law of demand states that, other things equal:

price and quantity demanded are inversely related.

Other things being equal, the law of demand suggests that as:

The price of iPads decreases, the quantity demanded will increase

Economists use the term "demand" to refer to:

a schedule of various combinations of market prices and amounts/quantities demanded.

The demand curve shows the relationship between:

price and quantity demanded.

An increase in the quantity demanded means that:

price has declined and consumers therefore want to purchase more of the product.

When an economist says that the demand for a product has increased, this means that:

consumers are now willing to purchase more of this product at each possible price.

A demand curve:

indicates the quantity demanded at each price in a series of prices.

Which of the following will not cause the demand for product K to change?

A change in the price of product K.

If the price of product L increases, the demand curve for close-substitute product J will:

shift to the right.

If two goods are complements:

a decrease in the price of one will increase the demand for the other.

If the demand curve for product B shifts to the right as the price of product A declines, then:

A and B are complementary goods.

Blu-ray players and Blu-ray discs are:

complementary goods.

If X is a normal good, a rise in money income will shift the:

demand curve for X to the right.

If Z is an inferior good, an increase in money income will shift the:

demand curve for Z to the left.

Which of the following factors is a "demand shifter" for new houses?

The price of new houses

The law of supply indicates that, other things equal:

producers will offer more of a product at high prices than at low prices.

The supply curve shows the relationship between:

price and quantity supplied.

The upward slope of the supply curve reflects the:

law of supply.

An "increase in the quantity supplied" suggests a:

Movement up along the supply curve

An improvement in production technology will:

shift the supply curve to the right

Which would not cause the supply curve to shift?

A change in the price of the good

Refer to the diagram. The equilibrium price and quantity in this market will be:

$1.00 and 200.

Refer to the diagram. A surplus of 160 units would be encountered if the price was:


Refer to the diagram. A shortage of 160 units would be encountered if price was:


At the point where the demand and supply curves for a product intersect:

the quantity that consumers want to purchase and the amount producers choose to sell are the same.

Share This

More flashcards like this

NCLEX 10000 Integumentary Disorders

When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? a) ...

Read more


A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. I can’t do anything without ...

Read more

NASM Flashcards

Which of the following is the process of getting oxygen from the environment to the tissues of the body? Diffusion ...

Read more

Unfinished tasks keep piling up?

Let us complete them for you. Quickly and professionally.

Check Price

Successful message