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The price of chicken has increased from $1.50 to $2.00 per pound because a poultry disease caused a decrease in the suppl
Correct Answer:
The demand for fish will increase.
A leftward shift of the entire demand curve could be the result of
Correct Answer:
all of the above.
If beans are inferior goods, a decrease in income will
Correct Answer:
shift the demand curve for beans to the right.
In regard to supply, economics teaches us that
Correct Answer:
in order to get producers to provide more of a good, it is necessary to offer them a higher price.
A rightward shift of an entire supply curve
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all of the above.
Demand for ice cream falls because of cold weather, but the supply increases because new firms have entered the market. W
Correct Answer:
Price will fall
A rightward shift of an entire supply curve
Correct Answer:
all of the above.
Changes in the quantity demanded caused by changes in price are
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movements along an existing demand curve.
In a market,
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price and quantity are determined together.
If beans are inferior goods, a decrease in income will
Correct Answer:
shift the demand curve for beans to the right.
Assume that the demand curve for romance novels has a negative slope. If the price of these novels increases from $4.25 to
Correct Answer:
the quantity demanded will decrease.
Changes in the quantity demanded caused by changes in price are
Correct Answer:
movements along an existing demand curve.
Which of the following goods is most likely to be an inferior good, regardless of the income of an individual?
Correct Answer:
Potatoes.
An analysis of themarket for Good X shows that the price of a complement, Good Y, is declining. At the same time, there is a
Correct Answer:
Equilibrium quantity will rise, and the change in equilibrium price cannot be predicted. It may rise, fall, or sta
Substitute goods are goods that are
Correct Answer:
used in place of one another.
When price changes, one should expect a change in
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quantity supplied.
The law of demand states that
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a smaller quantity will be demanded at higher prices than at lower prices and there is a negative relationshi
If an individual's income increases, then the demand for a normal good will
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Correct Answer:
increase.
Which of the following affects demand for a good?
Correct Answer:
Income.
When price changes, one should expect a change in
Correct Answer:
quantity supplied.
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- Spring '10
- pavur
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