Which of the following will not cause a change in demand for crackers?
A change in the price of crackers.
A change in consumers' income.
A change in the price of cheese (a complement)
A change in the number of cracker-eaters.
A change in the price of crackers.
If the price of potato chips decreases, other things constant, demand for onion dip will
increase because the goods are substitutes.
decrease because the goods are substitutes.
decrease because the goods are complements.
increase because the goods are com
...
The law of supply states that, other things remaining the same,
demand increases when supply increases.
if the price of a good increases, firms buy less of it.
if the price of a good increases, the quantity supplied increases.
as people's income increase,
if the price of a good increases, the quantity supplied increases.
which of the following would shift the supply curve for a product to the right?
an increase in the price of a resource used in the good's production.
the expectation of getting a higher price in the near future.
an increase in the price of an alternative
an improvement in the technology for producing the good.
An improvement in a firm's technology that reduces its production costs will result in a (an)
rightward shift of the supply curve.
increase in supply.
increase in quantity supplied at any given price.
all of the above are true.
all of the above are true.
Which of the following shifts the supply curve for oranges?
Disastrous weather that destroys about half of this year's orange crop.
A newly discovered increase in the nutritional value of oranges.
An increase in the price of bananas, a substitute in consu
(NOT)An increase in the price of bananas, a substitute in consumption for oranges
All of the following apply to the description of a market in equilibrium except
quantity supplied equals quantity demanded.
no excess quantity supplied exists.
no excess quantity demanded exists.
the price of the good is falling.
(NOT)d
Suppose the equilibrium price of oranges is $2.00 per pound. If the current price is above the equilibrium price and quantity supplied is more than quantity demanded, a
shortage exists and the price falls to restore equilibrium.
shortage exists and the pr
surplus exists and the price falls to restore equilibrium.
The importance of equilibrium in markets is emphasized because
it is the only price-quantity combination that ensures that the poorest members of society are able to purchase the good or service.
exchange of goods and services in markets can only occur at
(NOT) it is the only price-quantity combination that ensures that the poorest members of society are able to purchase the good or service.
The most important characteristic of the equilibrium price is that it
clears the market, leaving neither a surplus nor a shortage.
minimized the quantity demanded.
maximizes the quantity demanded.
ensures that all buyers who want the product will get it.
ensures that all buyers who want the product will get it.
Which of the following would lead to an increase in the demand for golf balls?
A decrease in the price of golf balls.
An increase in the price of golf clubs.
A decrease in the cost of producing golf balls.
An increase in household income when golf balls a
An increase in household income when golf balls are a normal good
When Gervasi Vineyards increases the price of its wine from $15 per bottle to $20 per bottle, the result is a decrease in...
the quantity of this wine demanded.
the quantity of this wine supplied.
the demand for this wine.
the supply of this wine
the quantity of this wine demanded.
In which of the following cases will the effect on equilibrium output be indeterminate?
Demand decreases and supply decreases.
Demand remains constant and supply increases.
Demand decreases and supply increases.
Demand increases and supply increases.
Demand decreases and supply increases.
If the price of a complement increases, all else equal,
quantity demanded will increase.
quantity supplied will increase.
demand will increase.
demand will decrease.
demand will decrease.
If input prices increase, all else equal,
quantity supplied will decrease.
supply will increase.
supply will decrease.
demand will decrease.
supply will increase.