ECO 102 quiz 2
If the increase in ________ is less than the increase in ________ the price will ________.
If the increase in ________ is less than the increase in ________ the price will ________.
If the price of a good stays the same over a period of time, can one safely assume that the supply has remained constant as well?
No, demand could have changed and affected the price.
A change in demand occurs when ________.
any factor other than the price of the goods changes
Which of the following does NOT directly cause a shift in the demand curve?
changes in taxes
Theoretically, the shift in demand from standard DVDs to Blu-ray discs would ________the price of standard DVDs.
decrease
Based on the law of ________, if the price decreases, then the quantity demanded ________.
demand, increases
What happens when market supply and demand increase at the same time?
equilibrium quantity increases
As incomes increase, a(n) ________ good decreases in demand.
inferior
A rising price because of the shortage of a good is one part of the ________.
law of market forces
Theoretically, the shift in demand from standard DVDs to Blu-ray discs would ________the price of standard DVDs.
leftward
Which of the following is NOT a major influence on the supply of a good?
market supply and demand
Demand is illustrated by a ________.
schedule and curve
A change in supply ________ the supply curve.
shifts
Which of the following is NOT a major influence on the supply of a good?
stationary prices
A ________ is a list of the quantities supplied at each price when all other factors remain the same.
supply schedule