Shifts of the Demand Curve

What do economists call a situation in which consumers buy a different quantity than they did before, at every price?

a change in demand

Which occurrence could cause the demand curve for cars in your city to shift to the left?

a layoff of 500 workers at the city's airport

Why might a rise in price of electric razors result in an increase in demand for non-electric razors?

because people might decide to shift to nonelectric razors to save money

Which of these goods are complements?

canoe and paddles

If a consumer is waiting to buy a sweater he or she found at a department store until after the holiday season, which factor is most likely influencing the decision to wait?

consumer expectations

How can the demand for one good be affected by increased demand for another one?

If goods are used together, increased demand for one will increase demand for the other

How is future price related to current demand?

If the price is expected to rise, current demand will rise.

How does the existence of the baby boom generation change demand in the United States?

Demand was raised for different goods with each age the baby boomers reached

The term inferior goods refers to what kinds of goods?

goods that consumers demand less of when their incomes increase

The term normal goods refers to what kind of goods?

goods that consumers demand more of when their income increases

What is represented by a shift to the right in a demand curve?

increase in demand

When prices rise, what happens to income?

it buys less

Alex receives a raise at work and continues to work the same number of hours each week. What is the most likely way that his demand for $3 T-shirts, which he considers an inferior good, change?

it will decrease

What kind of good might not be bought when prices rise?

luxury

The price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?

the quantity demanded of movie tickets will decrease