Econ - Demand, Supply, & Equilibrium

An increase in the supply of wheat in the United States is most likely to result from:

a change in farming technology that improves the soil for wheat

An increase in the supply of wheat in the United States is most likely to result from:

a change in farming technology that improves the soil for wheat.

Which will NOT, ceteris paribus, cause the demand curve for good A to shift?

a change in the price of A

Which will NOT cause the supply curve to shift?

a change in the price of the good

Which will not cause the supply curve to shift?

a change in the price of the good

If the price of hot dogs increases, it would probably result in ________ in the demand for hot dog buns. *

a decrease

Given that black beans and pinto beans are substitute goods, if the price of black beans decreases substantially, there would be:

a decrease in the demand for pinto beans.

Other things constant, which of the following would NOT cause a change in the demand for sailboats?

a decrease in the price of sailboats

When the price of one fruit increases, consumers buy more of another fruit. This situation is an illustration of:

the substitution effect.

If a legal price ceiling below the equilibrium price is imposed in a market:

the quantity demanded will exceed the quantity supplied

"As the price of Yetis has gradually increased, customers have found Orcas to be a better deal. Consequently, Yeti sales have been decreasing, and Orca sales have been increasing." Using only the information in this quotation and assuming everything else constant, which of the following best describes this statement?

A movement along the demand curve for Yetis, and a shift in the demand curve for Orcas

"Falling airline ticket prices have caused a sharp increase in the demand for airline tickets." Speaking precisely, and using terms as they are defined by economists, choose the statement that best describes this quotation.

The quotation is incorrect: a decrease in price causes an increase in the quantity demanded, not an increase in demand.

A point on a demand curve indicates:

a particular price and the corresponding quantity demanded by consumers.

The law of demand states that, other things equal:

as the price decreases, the quantity demanded will increase.

Which would cause an increase in quantity supplied of product A?

an increase in the price of A

Which are NOT generally considered to be complementary goods?

beef and chicken

Which of the following factors cause a movement along the demand curve?

change in the price of the good

When the price of printers goes down and the demand for printer ink goes up, this means printers and printer ink are:

complements.

Over the past several years, consumer tastes for CDs have decreased. This means that the ________ for CDs has ________.

demand; decreased

Which is a determinant of demand?

income

If apples and pears are substitutes, an increase in the price of pears will:

increase the demand for apples.

If canoes and paddles are complements, a decrease in the price of canoes will:

increase the demand for paddles.

A fall in the price of milk, used in the production of ice cream, will:

increase the supply of ice cream, causing the supply curve of ice cream to shift to the right.

An improvement in the technology of production for a specific good is expected to cause:

lower prices and increased quantity sold.

A shift of the demand curve for Apple iPhones would not be caused by a change in the:

price of Apple iPhones.

The demand curve is a representation of the relationship between the quantity of a product demanded and:

price.

The horizontal axis of a graph which shows a market demand curve indicates the:

quantities which consumers will be willing and able to buy at various prices.

If the price of a product increases, then...

quantity supplied to increase.

If the price of a product increases, we would expect:

quantity supplied to increase.

If product Y is an inferior good, an increase in consumer incomes will:

shift the demand curve for product Y to the left.

If peanut butter and jelly are complements, when the price of peanut butter goes up, the demand curve for jelly:

shifts to the left.

Which is a determinant of supply?

technology

An inverse relationship between price and quantity is represented by:

the demand curve.

Other things being equal, the law of demand implies that as:

the price of CDs increases, the quantity of CDs demanded will decrease.

When one speaks of "demand" in a particular market, this refers to:

the whole demand curve.

The law of supply is illustrated by a supply curve that is

upward sloping.

The law of supply is illustrated by a supply curve that is:

upward sloping.