|
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: |
$1.60. |
|
Refer to the diagram. A shortage of 160 units would be encountered if price was: |
$0.50. |
|
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
Flashcard
