economic chapter 5
Which of these would most likely increase the supply of footballs?
a decrease in the price of raw materials
Which does NOT impact elasticity of demand?
availability of inputs
A drop in the price of burgers may lead to an increase in demand for
burns and relish
Demand depends on the willingness and ability of
consumers to purchase
The degree to which the quantity demanded responds to changes in price is called
elasticity
A rise in the price of burgers may lead to an increase in demand for
hot dogs
Quantity demanded moves along the demand curve in response to changes in
price
The law of demand states that as quantity demanded decreases
price increases
Supply depends on the willingness and ability of
producers to produce
The law of demand states that as price increases
quantiy demaned ecreases
For which of these will the supply increase fastest when price increases?
sidewalk and shovelers
Which of these is the best example of diminishing marginal utility?
someone who has one horse have less use for another one
Which of these is most likely to happen to demand if blizzards keep customers at home?
the demand curve shifts to the left
According to the law of supply, what happens as price decreases?
the quantity supplied decreases
According to the law of supply, what happens as price increases?
the quantity supplied increased
