# Econ 101- CHP 3

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 A decrease in the price of a good will result in: more being supplied. an increase in supply. an increase in the quantity demanded. an increase in demand. an increase in the quantity demanded. If goods A and B are substitutes, a decrease in the price of good B will: increase the demand for good B. increase the demand for good B and decrease the demand for good A. increase the demand for good A. decrease the demand for good A. decrease the demand for good A. substitute goods Substitute goods are two goods that could be used for the same purpose. If the price of one good increases, then demand for the substitute is likely to rise. Therefore, substitutes have a positive cross elasticity of demand. If the demand for tires goes down when the price of gas goes up, then tires and gas are: both inexpensive. both expensive. complements. substitutes. complements complementary goods Complementary goods exhibit a negative cross elasticity of demand: as the price of good Y rises, the demand for good X falls. In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good. Assuming that desktop computers are normal goods, which of the following will NOT increase demand for desktop computers? a very large computer company going out of business the price of notebook computers increasing an increase in the incomes of computer users cool new computer games that can only be played on desktop computers a very large computer company going out of business If the price of a commodity increases, you can expect the: supply curve to shift to the right. quantity supplied to increase. quantity supplied to decrease. supply to increase. quantity supplied to increase. A leftward shift of a supply curve is caused by: an increase in the number of buyers. a technological improvement in production. an increase in the cost of an input. an increase in the number of sellers. an increase in the cost of an input. If the supply and demand curves intersect at \$47, then any price above that would result in: equilibrium. an increase in demand. a shortage. a surplus. surplus For consumers, pizza and hamburgers are substitutes. A rise in the price of a pizza causes _____ in the equilibrium price of a hamburger and _____ in the equilibrium quantity of hamburgers. a rise; a decrease a fall; an increase a fall; a decrease a rise; an increase a rise; an increase Consider two competing motorcycle manufacturers, Harley-Davidson and Honda. If Harley-Davidson raises the price of its motorcycles, we can expect: a shift to the right in the supply curve of Hondas and lower prices for Hondas. a shift to the right in the demand curve for Hondas and higher prices for Hondas. a shift to the left in the supply curve of Hondas and higher prices for Hondas. a shift to the left in the demand curve for Hondas and lower prices for Hondas. a shift to the right in the demand curve for Hondas and higher prices for Hondas. An increase in supply with no change in demand will lead to _____ in equilibrium quantity and _____ in equilibrium price. an increase; an increase an increase; a decrease a decrease; an increase a decrease; a decrease an increase; a decrease A decrease in demand and a decrease in supply will lead to _____ in equilibrium quantity and _____ in equilibrium price. a decrease; an indeterminate change an indeterminate change; an increase an indeterminate change; a decrease an increase; an indeterminate change a decrease; an indeterminate change a change in the quantitty demanded is a__ movement along the demand curve a change in the demand is a __ shift of the demand curve supply curve illustrates__ other things equal, the quanttity supplied for a good is positiviely related to the price of a good a decrease in supply means a shift to the left of the entire supply curve binding price ceiling designed to keep prices low

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