MACROECONOMICS: Exam 1

When income for a normal good increases, the demand...

Increases (shifts right)

When income for a normal good decreases, the demand...

Decreases (shifts left)

When income for a inferior good increases, the demand...

Decreases (shifts left)

When income for a inferior good decreases, the demand...

Increases (shifts right)

When the taste for a good increases, the demand...

Increases (shifts right)

When the taste for a good decreases, the demand...

Decreases (shifts left)

When the number of buyers for a good increases, the demand...

Increases (shifts right)

When the number of buyers for a good decreases, the demand...

Decreases (shifts left)

When the expected future price of a product increases, the demand...

Increases Now (shifts right now)

When the expected future price of a product decreases, the demand...

Decreases Now (shifts left now)

When input prices increase, the supply...

Decreases (shifts left)

When input prices decrease, the supply...

Increases (shifts right)

When technology increases (improves), the supply...

Increases (shifts right)

When the number of sellers increases, the supply...

Increases (shifts right)

When the number of sellers decreases, the supply...

Decreases (shifts left)

When the expected future price increases, the supply...

Decreases Now (shifts left now)

When the expected future price decreases, the supply...

Increases Now (shifts right now)

When the price of a product's substitute increases, the quantity demanded of the product's substitute...

Decreases

When the price of a product's substitute increases, the demand for the product...

Increases (shifts right)

When the price of a product's substitute decreases, the quantity demanded of the product's substitute...

Increases

When the price of a product's substitute decreases, the demand for the product...

Decreases (shifts left)

When the price of a product's complement increases, the quantity demanded of the product's complement...

Decreases

When the price of a product's complement increases, the demand for the product...

Decreases (shifts left)

When the price of a product's complement decreases, the quantity demand of the product's complement...

Increases

When the price of a product's complement decreases, the demand for the product...

Increases (shifts right)