Quiz 3-CH. 3

A decrease in the price of GPS systems will result in

a smaller quantity of GPS systems supplied.

This will not shift the demand curve for a good

an increase in the price of a good

A supply schedule

is a table that shows the relationship between the price of a product and the quantity of the product supplied.

If in the market for peaches the supply curve has shifted to the left

the supply of peaches has decreased

What is the difference between and "increase in demand" and an "increase in quantity demanded"?

An "increase in demand" is represented by a rightward shift of the demand curve while and "increase in quantity demanded" is represented by a movement along a given demand curve.

What is the difference between an "increase in supply" and an "increase in quantity supplied"?

An "increase in supply" means that the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price

If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an increase in the price of the Apple Watch will

Increase the demand for the Gear S2

The demand by all the consumers of a given good or service is the__________ for the good or service.

Market demand

How does the increasing use of digital cameras affect the market for traditional camera film?

The demand curve for traditional camera film shifts to the left.

In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian sea. What happened in the market for caviar in the United States.

The supply curve shifted to the left.

Holding everything else constant, an increase in the price of MP3 players will result in

a decrease in the quantity of MP3 players demanded

Which of the following would shift the supply curve for MP3 players to the left?

an increase in the price of an input used to produce MP3 players

The supply curve for watches

shows the relationship between the price of watches and quantity of watches supplied.

When the price of a good rises, consumers buy a smaller quantity because of the _________ effect and the __________ effect.

substitution; income

If the price of smartphones was to increase, then

the demand for smartphone apps would decrease

A change in all of the following variable will change the market demand for a product except

the price of the product

The law of demand implies, holding everything else constant, that as the price of bagels increases

the quantity of bagels demanded will decrease.