Microeconomics Quiz 2

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If the consumers believe that an item will not be available in the futures, then demand will shift ______ and the equilibrium quantity will ______.

right; rise

The law of supply states that as a price ______, the quantity ______.

rises; supplied rises

When demand increases, the demand curve:

shifts to the right

According to the law of demand, people buy more of a good when:

the price falls

Another name for a market economy is:

the price system

a shift in the demand curve by a change in

one of the determinants of demand

A Market exists when:

people exchange money for goods and services

People's willingness to pay for umbrellas is most likely ________ on a _______ day.

Higher; rainy

Which circumstance will cause a movement down along a demand curve?

a decrease in the product price

There is an _______ relationship between price and quantity demanded.

Negative

On a demand curve:

Price is on the vertical axis and quantity demanded is on the horizontal axis

Demand refers to:

The goods and services buyers are willing and able to purchase at various prices in a given period of time.

The main role of a market is to:

allocate resources

Which factor would shift the demand curve for gasoline to the right?

an increase in rational income

Prices typically contain useful information:

both for buyers and for sellers

If there is a combined "increase in demand" and "decrease in supply", equipment;inbriu, price will_______ and equilibrium , quantity will______

increase; be indeterminate

An item whose demand rises as people's incomes fall is know as:

inferior goods

Which item is not a determinant of supply?

national income

If the demand for iPhones rises as incomes increase, then the iPhone is an ______ good

normal

A shift in the demand curve is not caused by

technology

A good is a normal good if:

the demand curve shifts outward if income increases


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