HW ECON 1
If Max experiences a decrease in his income, then we would expect Max's demand for
normal goods to decrease
What must be given up to obtain an item is called
opportunity cost
a likely example of substitute goods for most people would be
pencils and pens
if macaroni and cheese is an inferior good, then an increase in
a consumers income will cause the demand curve for macaroni and cheese to shift to LEFT
If toast and butter are complements, then which of the following would increase the demand for toast?
a decrease in the price of butter
If a study by medical researchers finds that eating brown rice causes weight loss while eating white rice causes weight gain, then we likely would see
an increase in demand for brown rice and a decrease in demand for white rice
a competitive market is one in which there
are so many buyers and so many sellers that each has a negligible impact on the price of the product.
which of the following statements is correct
buyers determine demand, and sellers determine supply
a higher price of batteries would result in a(n)
decrease in the demand for flashlights
an increase in the price of a good will
decrease quantity demanded
two goods are substitutes when a decrease in the price of one good
decreases the quantity demanded of the other good
a market demand curve shows
how much of a good all buyers are willing and able to buy at each possible price
normal good
if the demand for a good falls when income falls, the good is called a
inferior good
if the demand for a good rises when income falls
a movement downward and to the right along a demand curve is called
increase in quantity demanded
If coffee sold at Starbucks is a normal good, then an increase in consumers' income will:
increase the demand for Starbucks coffee
The University of Iowa was voted the #1 "party school" in America in 2013 by the Princeton Review. The University of Iowa is located in Iowa City. At the end of August each year, the market demand for beer in Iowa City:
increases
Elena loves orange juice. She reads in the newspaper that 20% of the Florida orange crop was destroyed by a late spring frost. Economists predict that the price of oranges will rise by 50 percent by the end of the year. As a result, Elena's demand for orange juice:
increases today
an increase in quantity demanded
results in a movement downward and to the right along a demand curve
production possibilities frontier (ppf) illustrates
the combination of output that an economy should produce
weather channel reports that a new hurricane will hit the state state of Florida in three days, consequently in Florida
the demand for bottled water will increase
If the price of K-cup coffee pods increases from $8 per pack to $12 per pack, then
the demand for keruig coffee maker will decrease
The city of Buffalo, NY has been losing its population for the past several years. Consequently,
the demand for new grocery stores in buffalo will decrease
a movement along the demand curve might be caused by a change in
the price of the good or service that is being demanded
the characteristics of a competitive market does NOT include
there is no free entry
compliments
two goods for which an increase in the price of one leads to a decrease in the demand for the other
the demand curve for coffee shifts
when a determinant of the demand for coffee other than the price of coffee changes.
the quantity demanded of a good is the amount that buyers are
willing and able to purchase