Quiz 3-CH. 3
A decrease in the price of GPS systems will result in
a smaller quantity of GPS systems supplied.
This will not shift the demand curve for a good
an increase in the price of a good
A supply schedule
is a table that shows the relationship between the price of a product and the quantity of the product supplied.
If in the market for peaches the supply curve has shifted to the left
the supply of peaches has decreased
What is the difference between and "increase in demand" and an "increase in quantity demanded"?
An "increase in demand" is represented by a rightward shift of the demand curve while and "increase in quantity demanded" is represented by a movement along a given demand curve.
What is the difference between an "increase in supply" and an "increase in quantity supplied"?
An "increase in supply" means that the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price
If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an increase in the price of the Apple Watch will
Increase the demand for the Gear S2
The demand by all the consumers of a given good or service is the__________ for the good or service.
Market demand
How does the increasing use of digital cameras affect the market for traditional camera film?
The demand curve for traditional camera film shifts to the left.
In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian sea. What happened in the market for caviar in the United States.
The supply curve shifted to the left.
Holding everything else constant, an increase in the price of MP3 players will result in
a decrease in the quantity of MP3 players demanded
Which of the following would shift the supply curve for MP3 players to the left?
an increase in the price of an input used to produce MP3 players
The supply curve for watches
shows the relationship between the price of watches and quantity of watches supplied.
When the price of a good rises, consumers buy a smaller quantity because of the _________ effect and the __________ effect.
substitution; income
If the price of smartphones was to increase, then
the demand for smartphone apps would decrease
A change in all of the following variable will change the market demand for a product except
the price of the product
The law of demand implies, holding everything else constant, that as the price of bagels increases
the quantity of bagels demanded will decrease.