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Terms in this set (39)
What will cause the demand curve for good
"A" to shift?
-a change in the price of B, a compliment
-an increase in consumer income
-a change in the price of C, a substitute
A surplus of commodity can be expected whenever
-prevailing price of good is above the equilibrium price (QS>QD)
If the price of hamburgers increase, the demand of hot dogs will...
shift to the right (increase)
An increase in income will BLANK the demand for spam (an inferior good)
In moving along a stable demand or supply curve for gasoline, what is changing?
price of gasoline
Which of the following will not shift the supply curve?
change in consumer taste
A decrease in product will cause
an increase in demand
If the price of apple pie decreases the demand curve for ice cream will
shift to the left (decrease)
If re thread tires are inferior goods an increase in income will
decrease D, decrease P, and decrease Q
An increase in the price of Snickers will result in
a decrease in QD for Snickers
A leftward shift of the supply curve might be caused by
a decrease in subsidies
consumer expectations that the price of digital cameras will decrease sharply in the future will
decrease D, decrease P, and decrease Q
If bologna is an inferior good, an increase in consumer incomes will
shift the demand curve for bologna to the left
An increase in the price of hamburgers resulted in an increase in the demand for hot dogs are
An "increase in the quantity supplied (QS)" suggests a
movement up along the supply curve
An increase in the price of corn will shift the demand or supply curve for wheat (alternative output) to the left or right?
Which of the following will not cause the supply curve to shift?
a change in the price of the good
What will cause an increase in the demand for chocolate?
increase in taste for chocolate
What will cause a decrease in supply for "oranges"?
An increase in the cost of labor producing oranges
What will cause an increase in QS for "oil"?
an increase in the price of oil
An increase in the price of hot dogs results in a decrease in demand for mustard. Therefore, these two products must be
If the price of bagels increase, the demand curve for the substitute bread will
shift to the right
Producer expectations that kangaroo meat will rise sharply in the near future will
decrease S, increase P, decrease Q
If the price of ostrich burger increases, the demand for the substitute emu burger will
increase D, increase P, decrease Q
The law of supply declares which of the following?
Supply falls as price falls
If a firm sees a shortage in the market for a good or service, they are likely to
increase supply and raise more prices
A surplus of supply happens when
quantity supplied > quantity demanded
a shortage causes market prices to BLANK
What does not cause an increase in demand?
increase in price of a component
pete's pizza increases the price for the small pizza, what kind of change will occur?
quantity demand decreases
Consumers lose weight eating jellybeans. What kind of change will occur in the market for jellybeans?
Hamburgers go on sale. What happens to the change in market for hamburger buns?
Buying Uggs and Playstation video games are said to be
In a market economy, who/what decides how prices are set?
when prices increase
quantity demanded decreases
True or False- market economies use the pricing system
True or False- if the price of peanut butter increases and the demand for jelly (component) will decrease
True of False- price floors often result in/cause shortages
at higher prices, the seller/producer will produce more
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