Econ Exam 1 pt 4
Which of the following statements is correct?
A change in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve.
What happens to the demand for Xbox games if the price of an Xbox falls?
The demand for Xboxes increases because the price of a complement falls.
Which of the following would NOT shift the demand curve for turkey?
a change in the price of a turkey
Which of the following shifts the demand curve for oranges?
a decrease in the price of a pound of bananas, a substitute in consumption for oranges
A changes in which of the following shifts the demand curve for hamburgers?
a fall in the price of french fries, a complement for hamburgers
Which of the following decreases the demand for an inferior good?
an increase in income
Which of the following shifts the demand curve for hot dogs leftward?
an increase in the price of a hot dog bun
If consumers' incomes increase and the demand for bus rides decreases
bus rides are an inferior good.
Which of the following pairs of goods are most likely substitutes?
cola and lemon lime soda
Suppose people buy more of good 1 when the price of good 2 falls. These goods are
complements.
The observation that the demand curve for grape jelly shifts rightward every time the price of peanut butter falls means that grape jelly and peanut butter are
complements.
Cupcakes and granola bars are substitutes in consumption. The price of a granola bar increases. As a result, the demand for
cupcakes will increase, that is, the demand curve will shift rightward.
Ham and eggs are complements. If the price of ham rises, the demand for eggs will
decrease and the demand curve for eggs will shift leftward.
If macaroni and cheese is an inferior good, an increase in income will
decrease the demand for macaroni and cheese.
An inferior good is a good for which demand
decreases when income increases
A decrease in the price of a game of bowling shifts the
demand curve for bowling balls rightward.
A change in the price of a good
does not shift the good's demand curve but does cause a movement along it.
Inferior goods are those for which demand increases as
income decreases.
An increase the expected future price of a good
increases its demand
When we say demand increases, we mean that there is a
rightward shift of the demand curve.
An increase in the number of consumers
shifts the demand curve rightward
People buy more of good 1 when the price of good 2 rises. These goods are
substitutes
A substitute is a good
that can be used in place of another good.
If the price of chicken falls, then in the market for beef,
the demand curve for beef shifts leftward.
Which of the following influences peoples' buying and does not shift the demand curve
the price of the good
A change in which of the following shifts the demand curve?
the tastes and preferences of consumers
If the price of chocolate chip cookies rises, then
there is a movement upward along the demand curve for chocolate chip cookies.
A complement is a good
used in conjunction with another good.
People come to expect that the price of a gallon of gasoline will rise next week. As a result,
today's demand for gasoline increases.