Upgrade to remove ads
Only ₩37,125/year
Review terms and definitions
Focus your studying with a path
Take a practice test
Get faster at matching termsHow do you want to study today?
Flashcards
Learn
Test
Match
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
Principles of Microeconomics
7th EditionN. Gregory Mankiw
830 solutions
Principles of Microeconomics
8th EditionN. Gregory Mankiw
796 solutions
Macroeconomics
4th EditionCharles I Jones
330 solutions
Principles of Economics
2nd EditionDavid Shapiro, Steven Greenlaw
Sets with similar termsMacro ch.3
39 terms
Gabriela_CanoLagos
Macroeconomics Review 3
31 terms
Brityn
Micro Chapter 3
35 terms
greta_lee_knower
ECO2023 Ch 4 The Market Forces of Supply…
124 terms
ashleeroque29
Sets found in the same folderMicroeconomics Ch. 3
19 terms
Jodi_Shockney
Econ
16 terms
rnblasi
3.3 Test Bank
25 terms
cadecardenas
Ch. 10 Microeconomics
7 terms
therealbrooksie
Verified questions
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 Finals
12 terms
jazmine_alejandre
Review Questions
10 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