ECON demand Feb 22 quiz
"As the price of Yetis has gradually increased, customers have found Orcas to be a better deal. Consequently, Yeti sales have been decreasing, and Orca sales have been increasing." Using only the information in this quotation and assuming everything else constant, which of the following best describes this statement?
A movement along the demand curve for Yetis, and a shift in the demand curve for Orcas
The law of demand states that, other things equal:
as the price decreases, the quantity demanded will increase.
If the price of hot dogs increases, it would probably result in ________ in the demand for hot dog buns.
a decrease
Given that black beans and pinto beans are substitute goods, if the price of black beans decreases substantially, there would be:
a decrease in the demand for pinto beans.
Other things constant, which of the following would NOT cause a change in the demand for mopeds? *
a decrease in the price of mopeds
Other things constant, which of the following would NOT cause a change in the demand for sailboats?
a decrease in the price of sailboats
A shift of the demand curve for Apple iPhones would not be caused by a change in the:
price of Apple iPhones.
"Falling airline ticket prices have caused a sharp increase in the demand for airline tickets." Speaking precisely, and using terms as they are defined by economists, choose the statement that best describes this quotation.
the quotation is incorrect: a decrease in price causes an increase in the quantity demanded, not an increase in demand.
"As the price of domestic automobiles has inched upward, customers have found foreign autos to be a better bargain. Consequently, domestic auto sales have been decreasing, and foreign auto sales have been increasing." Using only the information in this quotation and assuming everything else constant, which of the following best describes this statement?
A movement along the demand curve for domestic autos, and a shift in the demand curve for foreign autos
"Customers have found Chromebooks to be a better deal because the price of iPads have steadily increased. As a result, iPad sales have decreased, and Chromebooks sales have increased." Using only the information in this quotation and assuming everything else is constant, which of the following best describes this statement?
A movement along the demand curve for iPads, and a shift in the demand curve for Chromebooks
"Rising oil prices have caused a sharp decrease in the demand for oil." Speaking precisely, and using terms as they are defined by economists, choose the statement that best describes this quotation.
The quotation is incorrect: an increase in price causes a decrease in the quantity demanded, not a decrease in demand.
When price changes, what happens on the graph?
a movement along the line on the graph
Which of the following factors cause a movement along the demand curve?
change in the price of the good
When the price of printers goes down and the demand for printer ink goes up, this means printers and printer ink are:
complements
Over the past several years, consumer tastes for CDs have decreased. This means that the ________ for CDs has ________.
demand; decreased
If apples and pears are substitutes, an increase in the price of pears will:
increase the demand for apples.
If canoes and paddles are complements, a decrease in the price of canoes will:
increase the demand for paddles.
Ceteris paribus, which of the following would NOT cause a change in the demand for Honda Fits?
prices for the Honda Fit decrease significantly
If peanut butter and jelly are complements, when the price of peanut butter goes up, the demand curve for jelly:
shifts to the left.
An inverse relationship between price and quantity is represented by:
the demand curve.
