MRU4.4: Supply and Demand Terminology

Q9: Which of the following causes a change in demand? - A change in production technology - A change in the personal income of buyers - A change in the price of the good's inputs - A change in the good's price

A: A change in the personal income of buyers

Q10: A shift in the demand curve refers to: - a change in the elasticity of demand. - a change in demand price. - a change in quantity demanded. - a change in demand.

A: a change in demand.

Q5: Which of the following causes a change in quantity demanded? - A change in the personal income of buyers - A change in the prices of related goods - A change in buyer tastes and preferences - A change in the good's price

A: A change in the good's price

Q6: A "change in demand" and a "change in quantity demanded" are: - distinct concepts, but it is not important to understand the difference. - two different ways to say the same thing. - related, but different, concepts. - only related in that they both occur in response to price changes.

A: related, but different, concepts.

Q2: Which of the following causes a change in supply? - A change in demand - A change in cost - A change in price - A change in income

A: A change in cost

Q8: A decrease in quantity demanded is caused by: - a decrease in supply. - a decrease in quantity supplied. - an increase in supply. - an increase in quantity supplied.

A: a decrease in supply.

Q3: Movement downward along a fixed demand curve is called: - a decrease in quantity demanded. - a decrease in demand. - an increase in demand. - an increase in quantity demanded.

A: an increase in quantity demanded.

Q7: Movement upward along a fixed supply curve is called: - an increase in supply. - a decrease in quantity supplied. - a decrease in supply. - an increase in quantity supplied.

A: an increase in quantity supplied.

Q4: Which of the following can cause a change in quantity supplied? - A change in quantity demanded - A change in demand - A change in technology - A change in opportunity costs

A: A change in demand

Q1: _______ is caused by a reduction in costs, while _______ is caused by an increase in demand. - An increase in quantity supplied; an increase in supply - An increase in supply; an increase in quantity supplied - A decrease in supply; a decrease in quantity supplied - A decrease in quantity supplied; a decrease in supply

A: An increase in supply; an increase in quantity supplied