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Get faster at matching terms Economics study guide Terms in this set (27)If the Apple iPad and Galaxy tab are substitutes, then, other things equal, an increase in the price of the iPad will Increase demand for the Galaxy tab What is the difference between increase in demand and increase in quantity demanded An increase in demand is a rightward shift of the curve while increase in quantity demanded is a movement along the curve The demand by all the consumers of a given good or service is the ___ for the good or service Market demand If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases, economists would describe this as Decrease in quantity demanded By drawing the demand curve with ___ on the vertical axis and ___ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ___ Price ; quantity ; price If a demand curve shifts to the right then Demand has increased Holding everything else constant, an increase in the price of MP3 players would result in A decrease in the quantity of MP3 players demanded A change in all of the following variables will change the market demand for the product except the Price Which of the following will shift the demand curve for a goid Decrease in the price of a complementary good A movement along the demand curve for toothpaste would be caused by A change in the price of toothpaste
If an increase in income leads to an increase in demand for peanut butter then peanut butter is a Normal good If an increase in income leads to a decrease in the demand for popcorn then popcorn is an Inferior good The Internet has created a new category in the book selling market called "barely used" how does the availability of barely used books affect the market for new books The demand curve for new books shifts to the left Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are Complements in consumption If in the market for peaches the supply curve has shifted to the left The supply of peaches has decreased If in the market of oranges the supply has increased then The supply curve has shifted to the right What is the difference between increase in supply and increase in quantity supplied Increase in supply means the supply curve has shifted to the right while increase in quantity supplied refers to a movement along the curve in response to price One would speak of change in the quantity of a good supplied rather than a change in supply if The price of the good changes The popularity of digital cameras has enticed large discount stores to offer digital photo printing services. How does this affect the digital photo printing market The supply curve for digital photo printing services shifts to the right Ranchers can raise either sheep or cattle, which of the following would cause the supply of sheep to increase Decrease in the price of cattle Which of the following would shift the supply curve for MP3 players to the right Decrease in the price of an input used to produce them If a firm expects that the price of its product will be higher in the future than it is today then The firm has an incentive to decrease supply now and increase supply in the future A decrease in the price of gps systems will result in A smaller quantity of gps systems supplied Which of the following is the correct way to describe equilibrium in the market Quantity demanded equals quantity supplied At a products equilibrium price The products demand curve crosses the products supply curve Hurricanes ruined orange crops resulting in a shortage of oranges. If they tried to sell oranges at the pre hurricane cost we would expect to see A shortage of oranges If the quantity supplied exceeds the quantity demanded the market price will fall until Quantity demanded equals quantity supplied, the market price will then equal the equilibrium price Recommended textbook solutions
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ECONOMICS The interest rate effect of a decrease in the aggregate price level will increase which of the following? A. the purchasing power of money holdings B. investment spending C. interest rates D. aggregate supply E. aggregate demand Verified answer ECONOMICS In the 1990s and the first decade of the 2000s, investors from the Asian economies of Japan and China made significant direct and portfolio investments in the United States. At the time, many Americans were unhappy that this investment was occurring. a. In what way was it better for the United States to receive this foreign investment than not to receive it? b. In what way would it have been better still for Americans to have made this investment? Verified answer ECONOMICS Why are munis attractive to many investors? Verified answer
ECONOMICS What happens when change catches up with you? The world is changing very fast. Big will not beat small any more. It will be the fast beating the slow: (Rupert Murdoch). One of the few things that is certain in this world is change. In a world where technology is advancing at such a rapid pace then change happens even more quickly. It is very important for companies to adapt to change as rapidly as they can. Take the example of Kodak, which filed for bankruptcy in 2012 in a bid to survive a cash crisis, caused by years of falling sales of its photographic film for cameras (as digital cameras had taken over the market). Kodak, a pioneer in the photographic film business, has tried to restructure to become a seller of consumer products like cameras. Consumers' preference for digital cameras is on the rise in India, with the market for digital cameras growing at 40 per cent in volume terms (according to industry estimates). Prices of digital cameras are falling, and with additional features that allow video recording It means camera manufacturers such as Sony, Canon and Samsung are enjoying rising sales. Why has Kodak got into financial difficulties? Explain your answer. Verified answer Other Quizlet setsGenetics Week 15 - Changes in Chromosome…11 terms Jodie_from_statefarm Texas History Finals12 terms jazmine_alejandre Review Questions10 terms TinaBina04 Related questionsQUESTION If the same dairy can produce either whole milk or skim milk, an increase in the profitability of whole milk results in a(n) 7 answers QUESTION How is marginal utility related to total utility mathematically? 2 answers QUESTION Average Revenue (Total Revenue / Quantity) 7 answers QUESTION Suppose Player "A" adheres to the same action each time the game is played until Player "B" takes an action that causes Player "A" to shift his approach. Player "A" has adopted a strategy. 2 answers What happens when there is a change in the quantity supplied?A change in quantity supplied is a movement along the supply curve in response to a change in price. A change in supply is a shift of the entire supply curve in response to something besides price.
What happens to the quantity of a good supplied when there is a change in the price of the good?Supply of goods and services
An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.
What is it called when the quantity of a good or service supplied and the quantity of the same good or service demanded are equal to each other?equilibrium price
the price in a market at which the quantity demanded and the quantity supplied of a good are equal to one another; this is also called the “market clearing price.”
What is the only thing that can change the quantity supplied for a good?The only factor that can cause a change in quantity supplied is price. A related, but distinct, concept is a change in supply. A change in quantity supplied is a change in the specific quantity of a good that sellers are willing and able to sell.
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
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