Chapter 3.1

The __ shows the quantity of a good consumers would be willing and able to purchase at given time for range of prices, while holding all other factors constant.

Demand curve and demand schedule

If chicken is a substitute for beef when making a stir-fry dish, a decrease in the price of chicken will cause:

A decrease in the demand for beef

As the price of bananas increased, the:

Quantity demanded for bananas decreased

Assume that lobster is a normal good. An increase in consumer income, other things being equal, would result in:

A rightward shift in the demand curve for lobster

Which of the following is not one of the factors that change demand?

Consumer attitudes toward risk

If fast food hamburgers are normal goods, then you'd expect __ during a recession (when incomes tend to fall)

Demand to shift left

Which of the following would be described as a "change in quantity demanded?"

In response to a price decrease, sales of major league baseball tickets increase

If the price of potatoes increases greatly, then the demand for rice (a substitute good) will probably __.

Increase, because rice is a substitute for potatoes

If the price of tacos decreased greatly, then the demand for taco sauce will probably?

Increase, because the goods are complements

The __ is (are) best described by the purchase, "the decline in the price of a good, holding everything else constant, leads to an increase int he quantity demanded."

Law of demand