Homework Answers
Option B
- Demand curve usually shifts when any variable other than the price changes.
- The demand curve changes with the consumer's preferences with respect to consumers willingness to buy or not to buy the demand curve either shift outwards or inwards respectively.
- When the consumers income rises, consumers wish to purchase more goods which shifts the demand curve to the right.
- Similarly when their income falls they wish to buy less at any given price and the demand curve shifts to the left.
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A shift in the demand curve will occur when OA, supply shifts. B. consumers' income changes....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
A decrease in demand occurs when O A. the demand curve shifts left because the price of the product changed. O B. there...
A decrease in demand occurs when O A. the demand curve shifts left because the price of the product changed. O B. there is a movement down along the demand curve which will occur when the price of the product increases O C. the demand curve shifts left because a variable other than the price of the product changed O D. there is a movement down along the demand curve which will occur when a variable other than the price...
13. An increase in the demand for a product means that the a. supply curve shifts...
13. An increase in the demand for a product means that the a. supply curve shifts to the left. b. demand curve shifts to the right. C. supply curve shifts to the right. d. demand curve shifts to the left. Exhibit 3-15 Supply and demand curres for good X Price per unit (dollars) 100 200 300 400 Quantity of pedx (unis per time period 14.- In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X...
When demand decreases (shifts to the left) and supply doesn't change, which of the following changes occur to the equi...
When demand decreases (shifts to the left) and supply doesn't change, which of the following changes occur to the equilibrium price and quantity? O O Price falls and quantity decreases. Price falls and quantity increases. Price rises and quantity decreases Price rises and quantity increases. O
4. Suppose that the demand curve shifts to the right and the supply curve shifts to...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
Assume the demand curve for product X shifts to the right. This might be caused by...
Assume the demand curve for product X shifts to the right. This might be caused by :Select one .a. a change in consumer tastes that is unfavorable to X D b. an increase in the price of Y if X and Y are complementary goods .c. a decline in income if X is an inferior good .d. a decline in the price of Z if X and Z are substitute goods A decrease in the price of digital cameras will...
Which of the following changes would not shift the supply curve for a good or service?
Which of the following changes would not shift the supply curve for a good or service? A a change in production technology B a change in the price of the good or service C a change in expectations about the future price of the good or service D a change in input prices
If the number of consumers in a market increases, the market demand curve will a. decrease,...
If the number of consumers in a market increases, the market demand curve will a. decrease, which is a shift to the left of the demand curve. b. increase, which is a shift to the right of the demand curve. c. not shift, but rather this will just cause a movement along the demand curve. d. do none of the above. In the competitive price-taker model, all firms in the market are assumed to be producing a. complementary products. b....
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n)...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n) _____ in the amount _____ at each price point.A.demand; right; increase; demandedB.supply; left; decrease; suppliedC.demand; left; decrease; demandedD.supply; right; increase; supplied6. Assume a farmer’s land is equally productive in growing corn or potatoes and is currently producing both. If the price of corn increases but the price of potatoes does not change, the farm’s supply curve for potatoes will:A.shift to the...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward....
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
A decrease in demand occurs when O A. the demand curve shifts left because the price of the product changed. O B. there is a movement down along the demand curve which will occur when the price of the product increases O C. the demand curve shifts left because a variable other than the price of the product changed O D. there is a movement down along the demand curve which will occur when a variable other than the price...
13. An increase in the demand for a product means that the a. supply curve shifts to the left. b. demand curve shifts to the right. C. supply curve shifts to the right. d. demand curve shifts to the left. Exhibit 3-15 Supply and demand curres for good X Price per unit (dollars) 100 200 300 400 Quantity of pedx (unis per time period 14.- In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X...
When demand decreases (shifts to the left) and supply doesn't change, which of the following changes occur to the equilibrium price and quantity? O O Price falls and quantity decreases. Price falls and quantity increases. Price rises and quantity decreases Price rises and quantity increases. O
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
Assume the demand curve for product X shifts to the right. This might be caused by :Select one .a. a change in consumer tastes that is unfavorable to X D b. an increase in the price of Y if X and Y are complementary goods .c. a decline in income if X is an inferior good .d. a decline in the price of Z if X and Z are substitute goods A decrease in the price of digital cameras will...
If the price of a DVD falls, i. the demand curve for DVDs will shift rightward. ii. the demand curve for DVDs will not shift. iii. there will be a movement along the demand curve for DVDs. Select one: A. i only d B. ii only C. iii only D. ii and i E. i and iii O Which of the following increases the supply of petrol? Select one: O A. A decrease in the price of a resource used...
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