ECO2013 – Homework Ch. 3

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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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