Econ 7

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The quantity demanded of product is affected by

Price

According to this demand curve, how many movie videos will be demanded at a price of $10?

1000

According to this supply curve, 400 movie videos will be supplied at what price?

12$

Study the illustration. At a price of $25, how much more of the product is demanded on curve D'D' than on curve DD?

2 units

Based on this graph, how many Beanie Babies™ were demanded at a price of $6 before they became a fad?

200

What does the movement shown on this graph represent?

A change in quantity supplied

What does the movement from b' to b on the graph represent?

A decrease in demand

Which of the following choices could cause the movement shown in this graph?

A decrease in income

Diminishing marginal utility refers to the fact that

Additional satisfaction declines as additional units of an item are consumed

Suppose the demand curve shifts from D1 to D2, as shown on the graph. How do the quantity supplied and quantity demanded change at the new equilibrium price?

Both quantity supplied and quantity demanded increase

Demand for one particular brand of coffee is probably

Elastic

The interaction of supply and demand determines the

Equilibrium price

According to this supply curve, if the price of movie videos decreases from $18 to $16, the quantity supplied will

Fall from 1000 to 800

According to this demand curve, if the price of movie videos increases from $14 to $16, the quantity demanded will

Fall from 600 to 400

If the price of an item rises, quantity demanded usually

Falls

Which products shown in the table are likely to have elastic demand?

Fresh tomatoes, gasoline from a particular gas station, butter

Which products shown in the table are likely to have inelastic demand?

Gasoline in general and service medical doctors

The principle that states that the more you have of something, the less satisfaction you will get from an additional unit is the

Law of diminishing marginal utility

Generally, the more substitutes there are for a good, the

More elastic a demand

The movement in the graph shows that the quantity demanded of butter decreased because the

Price of margarine decreased

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

Produce more

On Curve A in the graph, suppose the price dropped from $10 to $7. Would quantity demanded increase or decrease and by how much?

Quantity demanded would increase by 1 unit

If you were to graph this demand schedule, the demand curve would

Slope downward from left to right

When the price of a good is too high for consumers, they look for

Substitutes

The movement shown in these graphs represents a change in what?

Supply

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

Surplus

Which of the following choices could cause the movement shown in graph C?

Taxes increase

Which of the following choices could cause the movement shown in these graphs?

Technology improves production

What does the movement shown on this graph represent?

The inverse relationship between price and quantity demanded

Find the price of $15 on the demand schedule. What point does this price and quantity correspond to in the graph?

X


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