Economics

A price of $15 per dozen roses results in?

A shortage

Diminishing marginal utility refers to the fact that?

Additional satisfaction declines as additional units of an item are consumed

An increase in the number of pineapple growers results in?

An increase in the supply of pineapples and a rightward shift in the supply curve for pineapples

When demand increases?

Consumers are willing to buy more at any price

Demand for one particular gasoline station is probably?

Elastic

If the price of an item rises, quantity demanded usually?

Falls

When the demand for a good decreases, the equilibrium price ___ and the equilibrium quantity ___?

Falls; decreases

Which products have elastic demand?

Fresh tomatoes, gasoline from a particular gas station, butter

Which products have inelastic demand?

Gasoline in general, services of medical doctors

A hot summer causes demand for ice cream to go up. What happens next?

I've cream makers raise the price of ice cream

In general, what happens to the price of a good or service when a shortage of that good or service occurs?

It increases until quantity demanded equals quantity supplied

If there is a surplus of a good, the quantity demanded is ___ the quantity supplied and he price ___?

Less than ; fall

If a bakers supply of bread exceeds the demand for bread, he should?

Lower the price of bread

What does technology generally do to production?

Lowers cost and increases supply

Generally the more substitutes there are for a good the?

More elastic for demand

The quantity demanded of a product is affected by?

Price

According to the law of supply, higher prices prompt producers to?

Produce more

The phrase "a change in demand" most directly implies?

Shift of the demand curve

If the number of sellers decreases, then the supply curve ___ and the supply ___?

Shifts leftward ; decreases

Iceberg and Romain are types of lettuce theses are considered what to consumers?

Substitutes

When a price is too high for consumers, they look for?

Substitutes

If the price of a product is above its equilibrium price, the result is a?

Surplus

Hot dogs and hot dog buns are complementary goods. If the price of hot dogs fall then?

The demand for hot dog buns will increase

If consumers preference for a good increases then?

The goods demand curve shifts rightward

Change in what does not shift the demand curve for frisbees?

The price of the frisbee

Market equilibrium occurs when?

The quantity demanded equals the quality supplied

What does it mean when you have demand for a good or service?

You are willing and able to buy the good at the given price