# ECO2013 – Homework Ch. 3

Total word count: 455
Pages: 2

### Calculate the Price

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275 words
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 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.

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