Econ Exam 1 pt 4

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Which of the following statements is​ correct?

A change in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve.

What happens to the demand for Xbox games if the price of an Xbox​ falls?

The demand for Xboxes increases because the price of a complement falls.

Which of the following would NOT shift the demand curve for​ turkey?

a change in the price of a turkey

Which of the following shifts the demand curve for​ oranges?

a decrease in the price of a pound of​ bananas, a substitute in consumption for oranges

A changes in which of the following shifts the demand curve for​ hamburgers?

a fall in the price of french​ fries, a complement for hamburgers

Which of the following decreases the demand for an inferior​ good?

an increase in income

Which of the following shifts the demand curve for hot dogs​ leftward?

an increase in the price of a hot dog bun

If​ consumers' incomes increase and the demand for bus rides decreases

bus rides are an inferior good.

Which of the following pairs of goods are most likely​ substitutes?

cola and lemon lime soda

Suppose people buy more of good 1 when the price of good 2 falls. These goods are

complements.

The observation that the demand curve for grape jelly shifts rightward every time the price of peanut butter falls means that grape jelly and peanut butter are

complements.

Cupcakes and granola bars are substitutes in consumption. The price of a granola bar increases. As a​ result, the demand for

cupcakes will​ increase, that​ is, the demand curve will shift rightward.

Ham and eggs are complements. If the price of ham​ rises, the demand for eggs will

decrease and the demand curve for eggs will shift leftward.

If macaroni and cheese is an inferior​ good, an increase in income will

decrease the demand for macaroni and cheese.

An inferior good is a good for which demand

decreases when income increases

A decrease in the price of a game of bowling shifts the

demand curve for bowling balls rightward.

A change in the price of a good

does not shift the good's demand curve but does cause a movement along it.

Inferior goods are those for which demand increases as

income decreases.

An increase the expected future price of a good

increases its demand

When we say demand​ increases, we mean that there is a

rightward shift of the demand curve.

An increase in the number of consumers

shifts the demand curve rightward

People buy more of good 1 when the price of good 2 rises. These goods are

substitutes

A substitute is a good

that can be used in place of another good.

If the price of chicken​ falls, then in the market for beef​,

the demand curve for beef shifts leftward.

Which of the following influences peoples' buying and does not shift the demand curve

the price of the good

A change in which of the following shifts the demand​ curve?

the tastes and preferences of consumers

If the price of chocolate chip cookies​ rises, then

there is a movement upward along the demand curve for chocolate chip cookies.

A complement is a good

used in conjunction with another good.

People come to expect that the price of a gallon of gasoline will rise next week. As a​ result,

​today's demand for gasoline increases.


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