Chapter 3

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The money price of a half gallon of milk is ​$1.10​, and the relative price of a half gallon of milk in terms of burritos is 2.00 packs of frozen burritos per half gallon of milk. What is the money price of a pack of frozen burritos​?

.55

The money price of a box of ramen noodles is .20, and the money price of a can of shave gel is $1.00. What is the opportunity cost of buying a can of shave gel?

5 boxes of ramen noodles And the relative price of a can of shave gel is the money price of a can of shave gel divided by the money price of a box of ramen noodles

The law of supply states that other things remaining the​ same, the​ _______ the price of a​ good, the​ _______. A. higher; greater is the quantity supplied B. lower; greater is the quantity supplied C. higher; smaller is the quantity supplied D. higher; greater is the supply of the good

A

demand curve

A demand curve that illustrates the law of demand is downward sloping, and as the price​ falls, the quantity demanded​ increases, and as the price​ rises, the quantity demanded decreases.

supply curve

A supply curve that illustrates the law of supply is upward slopinglong dashas the price​ falls, the quantity supplied​ decreases, and as the price​ rises, the quantity supplied increases.

When a surplus​ arises, the price​ ______ to its​ equilibrium, which​ _______. A. falls; increases the quantity demanded and decreases the quantity supplied B. rises; decreases demand and increases supply C. rises; decreases the quantity demanded and increases the quantity supplied D. falls; increases demand and decreases supply

A.

When a shortage​ arises, the price​ ______ to its​ equilibrium, which​ _______. A. falls; increases demand and decreases supply B. rises; decreases demand and increases supply C. falls; increases the quantity demanded and decreases the quantity supplied D. ​rises; decreases the quantity demanded and increases the quantity supplied

D

Law of supply

Other things remaining the​ same, the higher the price of a​ good, the greater is the quantity​ supplied; and the lower the price of a​ good, the smaller is the quantity supplied.

Law of demand

Other things remaining the​ same, the higher the price of a​ good, the smaller is the quantity​ demanded; and the lower the price of a​ good, the greater is the quantity demanded.

Given the law of​ demand, you would expect the rise in the price of gasoline to​ ______ the quantity of gasoline demanded and​ ______ the demand for gasoline. A. ​decrease; decrease B. not​ change; decrease C. decrease; not change D. increase; decrease

c.

The law of demand states that​ ______, the​ ______ the price of a​ good, the smaller is the quantity demanded. A. other things remaining the​ same; lower B. even when other factors​ change; higher C. even when other factors​ change; lower D. other things remaining the​ same; higher

d

Sports cars and gasoline are compliments. If the price for sports cars increases, then the deman for gasoline will....

decrease; and the demand curve will shift leftward

An increase in the price of a DVD player ​_______.

decreases the quantity of DVD players demanded and results in a movement up along the demand curve for a DVD player

Inferior good

demand decreases as income increases

normal good

demand increases as income increases

Competitive market

has many buyers and sellers for the same thing, and no one buyer or seller can affect the price

The demand for DVD players does not change when a change in​ _______ occurs.

price quantity demanded changes when a change in price occurs. the point will change along the demand curve.


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