A) an increase in quantity will automatically lead to a reduction in price.
B) an increase in price will lead to an increase in quantity supplied.
C) an increase in price will produce an inward shift in the supply curve.
D) quantity will decrease as the number of firms increases.
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A) direct
B) equilibrium
C) inverse
D) dynamic
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A) decrease to $8.
B) decrease to $6.
C) increase to $12.
D) stay unchanged at $10.
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A) we measure price in money price rather than real price.
B) we move up the demand curve.
C) the demand curve shifts to the right.
D) the demand curve shifts to the left.
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A) an increase in the price of socks
B) an increase in income
C) an increase in the price of shoes
D) all of the above
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A) a decrease in income.
B) a decrease in the price of a substitute.
C) a decrease in the price of the good.
D) a change of tastes.
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A) Panel A
B) Panel B
C) Panel C
D) Panel D
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A) the price of the good or service
B) tastes and preferences
C) expectations of future prices
D) prices of related goods and services
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A) income.
B) taste and preference.
C) changes in expectations of future relative prices.
D) prices of resources used to produce the product.
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A) Yes, since she is buying less hamburger at a lower price.
B) Yes, since she is buying less hamburger in a relatively short period of time and we wouldn't expect her tastes to have changed.
C) No, since the law of demand refers to relative price changes and the price of hamburger falling is an absolute price change.
D) No, since other things are not held constant, such as her income.
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A) Prescription medications will become an inferior good.
B) There is an upward movement along the demand curve for prescription medications.
C) There is a downward movement along the demand curve for prescription medications.
D) The demand for prescription medications will decrease.
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The law of supply indicates the direct o...View Answer
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A) people buy less of a product when the product becomes less fashionable.
B) people buy more of a product when its price falls.
C) people are indifferent to price changes.
D) people always want more than they need.
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A) a tendency for price of the product to increase.
B) a tendency for price of the product to fall.
C) incentives for consumers to leave the market.
D) upward pressure on the price of labor.
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A) on which a monetary value cannot be placed.
B) that is liked only by normal people.
C) for which demand increases when price increases.
D) for which demand increases when income increases.
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A) the supply curve shifts downward to the right.
B) the supply curve shifts upward to the left.
C) the demand curve shifts downward to the left.
D) the demand curve shifts upward to the right.
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A) 5
B) 15
C) 35
D) 44
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A) shortage of 20 units.
B) shortage of 10 units.
C) surplus of 20 units.
D) surplus of 10 units.
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A) 0.
B) 3.
C) 12.
D) 15.
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A) The demand curve for that good will shift to the left.
B) The demand curve for that good will shift to the right.
C) The quantity demanded for that good will increase.
D) Demand for that good will increase.
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