Chapter 2 (LC & HW)
When there is a(n) _____ in demand for baseball cards due to a change in your preferences, the demand curve will shift to the _____.
Increase; right
DVD movies are losing popularity due to streaming services since individuals and families do not have to leave the comfort of their home to purchase/rent a movie or TV show now. This will cause the demand curve for DVD movies to shift to the _____ and the demand curve for streaming services to _____.
Left; shift to the right
If the price of books rises from $6 to $12, the quantity of books demanded in the market would _____ by _____ million books per week.
fall;0.4
The graph below shows Albin's demand curve for sweaters. At what price per sweater would Albin buy seven sweaters per year?
$8
The table below shows a survey for 320 customers to prepare a total market demand curve for peanuts. What is the market demand when the price is $4 per pound?
1.9 billion pounds
Marginal benefit is the:
Additional benefit you get from buying one additional item.
When graphing demand curves, the quantity demanded goes on the horizontal axis, and _____ goes on the vertical axis.
Price
The graph below shows Olga's demand curve for paper. If the price of paper falls from $10 to $6, the quantity of paper demanded would:
Rise from 3 reams to 9 reams.
When there is a decrease in demand for normal goods due to a decrease in income, the demand curve will _____.
Shift to the left
Kerosene and propane are energy sources that can be used for heating. The price of kerosene increased while the price of propane decreased. This caused individuals to purchase propane instead of kerosene. These two goods are _____.
Substitutes
Satellite TV and cable TV have been rivals for years. These two products are known as _____.
Substitutes
All these are factors that may shift an individual demand curve EXCEPT a change in:
The price of the good
The market demand curve is a graph plotting the:
Total quantity of an item demanded by the entire market, at each price
When the demand _____ for a complement, this will cause the demand for the complementary good to decrease causing the _____ to shift to the left.
Decreases; demand curve