A) the product is no longer fashionable
B) the "Veblen effect" applies
C) the quantity of the product demanded increases as its price falls
D) the prices of other products change
E) consumer incomes change
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Correct Answer
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A) total utility is maximized when consumers obtain the same amount of utility per unit of each product consumed
B) price must be increased to encourage businesses to supply more of a product
C) price must be lowered to induce businesses to supply more of a product
D) it takes increasingly larger amounts of resources, beyond a particular point, to produce successive units of a product
E) additional units of a given product yield less and less extra satisfaction to a consumer
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Correct Answer
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A) a change in consumer preferences
B) a change in demand for a product
C) a change in quantity supplied
D) a shift in the supply curve
E) a change in the prices of resources used in making the product
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Correct Answer
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A) increase equilibrium quantity, but the change in equilibrium price will depend on the relative sizes of the shifts in demand and supply
B) decrease equilibrium quantity, but the change in equilibrium price will depend on the relative sizes of the shifts in demand and supply
C) increase equilibrium price, but the change in equilibrium quantity will depend on the relative sizes of the shifts in demand and supply
D) decrease equilibrium price, but the change in equilibrium quantity will depend on the relative sizes of the shifts in demand and supply
E) keep equilibrium price and quantity the same
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Correct Answer
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A) the price of chocolate increases
B) medical studies conclusively find that chocolate helps fight migraines
C) consumers expect the price of chocolate to fall in the future
D) the government imposes a new tax on milk
E) the price of chocolate decreases
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Correct Answer
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A) a shift in the supply curve to the right, decreasing the equilibrium price
B) a shift in the supply curve to the left, increasing the equilibrium price
C) a shift in the demand curve to the left, decreasing the equilibrium price
D) a shift in both the supply and demand curves to the right, leaving the equilibrium price the same
E) a shift in the demand curve to the right and a shift in the supply curve to the left, increasing the equilibrium price
Correct Answer
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Correct Answer
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A) population growth that increases the number of persons consuming A
B) an increase in consumer incomes if A is a normal product
C) a decrease in consumer incomes if A is an inferior product
D) a decrease in the price of complementary product C
E) a general expectation that the price of A will decrease in the near future
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Correct Answer
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A) decrease in income if C is a normal product
B) increase in income if C is an inferior product
C) decrease in the price of a product that is a substitute for C
D) increase in the price of a product that is complementary to C
E) increase in income if C is a normal product
Correct Answer
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Correct Answer
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A) consumer income and quantity demanded, of which consumer income is the independent variable
B) price and production costs, of which price is the independent variable
C) price and quantity demanded, of which price is the independent variable on the vertical axis
D) consumer preferences and quantity demanded, of which quantity demanded is the dependent variable
E) the price of a certain product and the price of another closely related product
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Correct Answer
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A) production costs and the amount of labour used to produce a certain item
B) price and quantity supplied, with price as the dependent variable on the vertical axis
C) price and production costs, with production costs as the dependent variable on the horizontal axis
D) price and quantity supplied, with price as the independent variable on the vertical axis
E) price and production costs, with production costs as the independent variable on the vertical axis
Correct Answer
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Correct Answer
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A) An increase in supply with a decrease in demand will result in an increase in price.
B) An increase in supply with no change in demand will result in an increase in price.
C) An increase in supply with no change in demand will result in a decline in the quantity exchanged in the market.
D) An increase in demand with no change in supply will result in a decrease in the quantity exchanged in the market.
E) An increase in demand with no change in supply will result in an increase in the quantity exchanged in the market.
Correct Answer
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Correct Answer
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A) there are many goods that are substitutes for bicycles
B) there are many goods that are complementary to bicycles
C) there are few goods that are substitutes for bicycles
D) bicycles are normal products
E) bicycles are inferior products
Correct Answer
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Correct Answer
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