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301 Cards in this Set
- Front
- Back
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Price of all normal goods will decrease."
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"Answer:
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sellers producing products that are more profitable."
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"Answer:
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Equilibrium price falls and equilibrium quantity is constant."
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"Answer:
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none of these"
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"Answer:
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None of these reasons support the need to forecast demand."
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"Answer:
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buyer's incomes"
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"Answer:
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A is an inferior good."
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"Answer:
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None of these are a likely explanation."
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"Answer:
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Quantity demanded for the product will decrease."
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"Answer:
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the number of buyers stays constant."
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"Answer:
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Rise in the price of a substitute fruit."
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"Answer:
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automobiles and motorcycles"
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"Answer:
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By adding all individual quantities buyers will buy for each price."
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"Answer:
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quantity that one buyer will buy at a given price."
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"Answer:
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As price decreases, the quantity demanded decreases."
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"Answer:
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All these correctly describe what happens at a market equilibrium."
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"Answer:
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cooking oil and golf balls"
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"Answer:
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Demand falls because prices have gone down."
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"Answer:
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change in supply."
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"Answer:
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The quantity demanded will increase."
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"Answer:
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quantity that buyers will buy at a given price."
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"Answer:
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None of these would decrease the demand for big screen television sets."
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"Answer:
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a good for which the law of demand does not apply."
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"Answer:
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quantity demanded will decrease."
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"Answer:
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good X is an inferior good."
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"Answer:
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Equilibrium price is constant and equilibrium quantity decreases."
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"Answer:
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None of these explain this."
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"Answer:
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buyers are irrational."
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"Answer:
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None of these can be done by a firm to increase demand for its product."
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"Answer:
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Demand for potatoes would disappear."
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"Answer:
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Demand schedules are tables relating quantity demanded to possible prices."
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"Answer:
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This belief is irrational because rising prices cause demand to decrease."
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"Answer:
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Equilibrium price rises and equilibrium quantity increases."
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"Answer:
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quantity demanded will increase."
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"Answer:
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retirement homes will decrease."
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"Answer:
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change in quantity supplied."
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"Answer:
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shift to a new demand curve, movement along one demand curve."
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"Answer:
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None of these."
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"Answer:
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market price to rise and quantity supplied of that good to increase."
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"Answer:
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Market demand would decrease because the price of automobiles would be higher."
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"Answer:
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By adding the prices each producer will charge for each quantity."
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"Answer:
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all of these correctly state the law of supply."
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"Answer:
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quantity demanded is equal to quantity supplied."
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"Answer:
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An increase in the number of soybean farmers."
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"Answer:
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A drop in the price of cream and sugar."
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"Answer:
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The current market price suddenly increased from a lower level."
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"Answer:
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DVD players"
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"Answer:
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a decrease in the price of inputs."
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"Answer:
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None of these correctly explain what happens to demand."
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"Answer:
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Buyers determine the market price unilaterally."
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"Answer:
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sellers producing more output because their profit has increased."
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"Answer:
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quantity demanded will increase."
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"Answer:
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expectations of the future price has increased."
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"Answer:
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Equilibrium price rises and equilibrium quantity increases."
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"Answer:
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market price to rise and quantity demanded of that good to decrease."
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"Answer:
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none of these is correct"
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"Answer:
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Production costs necessarily increase."
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"Answer:
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The demand for red apples would be unchanged."
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"Answer:
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there is an a positive or upsloping relationship between price and quantity."
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"Answer:
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None of these correctly explain what happens to demand."
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"Answer:
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None of these will happen."
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"Answer:
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less of when their incomes decrease."
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"Answer:
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the demand for sofas is upsloping."
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"Answer:
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None of these explain how market demand is determined."
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"Answer:
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Equilibrium price rises and equilibrium quantity is constant."
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"Answer:
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Assume that over fishing has caused the supply of Maine lobster to fall in the summer. What will happen to the market price in the summer as a result?
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"Answer:
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"If market demand increases while market supply decreases, what happens to equilibrium price and equilibrium quantity?"
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"Answer:
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What is an inferior good?
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"Answer:
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What are complement goods?
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"Answer:
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Assume an estate sale causes some original letters written by John Wilkes Booth to be discovered. What will happen to supply and market price?
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"Answer:
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What is a normal good?
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"Answer:
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What are substitute goods?
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"Answer:
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What is a normal good?
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"Answer:
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What explains the law of demand?
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"Answer:
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How will an increase in the number of buyers affect the demand for oranges?
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"Answer:
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What is the income effect?
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"Answer:
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If the price of steel decreases what happens to the supply of desks and why?
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"Answer:
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How does an advance in technology affect supply and why?
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"Answer:
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How is the effect of a change in price represented on a demand diagram?
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"Answer:
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How does a competitive market deal with a surplus at the current price?
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"Answer:
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How is an increase in supply represented on a supply diagram?
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"Answer:
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"If market demand decreases and market supply increases, what will the impact on equilibrium price and equilibrium quantity?"
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"Answer:
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What is the substitution effect?
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"Answer:
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What is the law of demand?
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"Answer:
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What does certerius paribus mean?
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"Answer:
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"As the population increases
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which of the following will occur for sure?
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Price of all normal goods will decrease."
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"Answer:
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sellers producing products that are more profitable."
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"Answer:
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Equilibrium price falls and equilibrium quantity is constant."
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"Answer:
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post hoc
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proctor hoc
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none of these"
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"Answer:
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They don't
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all they need to do is produce a constant output.
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None of these reasons support the need to forecast demand."
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"Answer:
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buyer's incomes"
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"Answer:
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"If the demand for good A decreases when the price of good B decreases
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evidently
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A is an inferior good."
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"Answer:
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"If the price of plywood suddenly increases
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which of the following could be the likely explanation?
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None of these are a likely explanation."
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"Answer:
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"If the price of a product increases from $12 to $15
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which of the following will occur?
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Quantity demanded for the product will decrease."
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"Answer:
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the number of buyers stays constant."
|
"Answer:
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Rise in the price of a substitute fruit."
|
"Answer:
|
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automobiles and motorcycles"
|
"Answer:
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By adding all individual quantities buyers will buy for each price."
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"Answer:
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quantity that one buyer will buy at a given price."
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"Answer:
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If buyers expect a higher future price
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demand will increase today.
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As buyer income increases
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demand increases.
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As price increases
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the quantity demanded decreases.
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As price decreases
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the quantity demanded decreases."
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The market is cleared
|
there is no surplus and no shortage.
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All these correctly describe what happens at a market equilibrium."
|
"Answer:
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|
cooking oil and golf balls"
|
"Answer:
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"In a period of general falling prices
|
what happens to demand in general and why?
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Demand falls because prices have gone down."
|
"Answer:
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change in supply."
|
"Answer:
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"If the cost of producing a product increases
|
which of the following will occur?
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The quantity demanded will increase."
|
"Answer:
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quantity that buyers will buy at a given price."
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"Answer:
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None of these would decrease the demand for big screen television sets."
|
"Answer:
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"If the demand for a good increases when there is high unemployment
|
we can conclude that the commodity is
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a good for which the law of demand does not apply."
|
"Answer:
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quantity demanded will decrease."
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"Answer:
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"If the demand for good X increases when the price of good Y decreases
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evidently
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good X is an inferior good."
|
"Answer:
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"If market demand and market supply both decrease by 50 percent
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what happens to equilibrium price and equilibrium quantity?
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Equilibrium price is constant and equilibrium quantity decreases."
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"Answer:
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None of these explain this."
|
"Answer:
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"Shortly after the price of beef increases
|
the price of chicken increases also because
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buyers are irrational."
|
"Answer:
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None of these can be done by a firm to increase demand for its product."
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"Answer:
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"If the government were to outlaw the consumption of potatoes
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which of the following would be the likely consequence?
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Demand for potatoes would disappear."
|
"Answer:
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By itself
|
a demand curve shows what the market price is.
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Demand schedules are tables relating quantity demanded to possible prices."
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"Answer:
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If prices are rising slowly
|
buyers' incomes must also be rising so demand will increase.
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This belief is irrational because rising prices cause demand to decrease."
|
"Answer:
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"If market demand is constant and market supply decreases
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what happens to equilibrium price and equilibrium quantity?
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Equilibrium price rises and equilibrium quantity increases."
|
"Answer:
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quantity demanded will increase."
|
"Answer:
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"As the average age of the population of the United States advances
|
which of the following will likely occur? The demand for
|
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|
retirement homes will decrease."
|
"Answer:
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change in quantity supplied."
|
"Answer:
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movement along one demand curve
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shift to a new demand curve.
|
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shift to a new demand curve
|
shift to a new demand curve.
|
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movement along one demand curve
|
movement along one demand curve.
|
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|
shift to a new demand curve
|
movement along one demand curve."
|
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None of these."
|
"Answer:
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market price to rise and quantity supplied of that good to increase."
|
"Answer:
|
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"As workers demand higher wages to produce automobiles
|
how will this influence the automobile market?
|
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Market demand would decrease because the price of automobiles would be higher."
|
"Answer:
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"If there are five producers of a product
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how can we determine the market supply?
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By adding the prices each producer will charge for each quantity."
|
"Answer:
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as the price of the product increases
|
the quantity supplied increases.
|
|
|
all of these correctly state the law of supply."
|
"Answer:
|
|
|
"At the market equilibrium
|
|
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quantity demanded is equal to quantity supplied."
|
"Answer:
|
|
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An increase in the number of soybean farmers."
|
"Answer:
|
|
|
A drop in the price of cream and sugar."
|
"Answer:
|
|
|
"If a shortage suddenly appears at the current market price
|
which of the following could not be a possible cause?
|
|
|
The current market price suddenly increased from a lower level."
|
"Answer:
|
|
|
DVD players"
|
"Answer:
|
|
|
a decrease in the price of inputs."
|
"Answer:
|
|
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"When a strike at a major local employer occurs
|
what happens to the demand for television sets in that local market?
|
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Nothing
|
it remains the same.
|
|
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None of these correctly explain what happens to demand."
|
"Answer:
|
|
|
Buyers determine the market price unilaterally."
|
"Answer:
|
|
|
sellers producing more output because their profit has increased."
|
"Answer:
|
|
|
quantity demanded will increase."
|
"Answer:
|
|
|
"When something is fashionable
|
economists would say that demand would increase because buyer's
|
|
|
expectations of the future price has increased."
|
"Answer:
|
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"If market demand doubles and market supply decreases by 30 percent
|
what happens to equilibrium price and equilibrium quantity?
|
|
|
Equilibrium price rises and equilibrium quantity increases."
|
"Answer:
|
|
|
market price to rise and quantity demanded of that good to decrease."
|
"Answer:
|
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|
"If the price of gasoline doubles while your income is constant
|
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none of these is correct"
|
"Answer:
|
|
|
"As more firms produce a product
|
which of the following happens?
|
|
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Production costs necessarily increase."
|
"Answer:
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Nothing
|
they are separate and unrelated commodities.
|
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The demand for red apples would be unchanged."
|
"Answer:
|
|
|
there is an a positive or upsloping relationship between price and quantity."
|
"Answer:
|
|
|
"When a strike at a major local employer occurs
|
what happens to the demand for ramen noodles?
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Nothing
|
because this is a food item.
|
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None of these correctly explain what happens to demand."
|
"Answer:
|
|
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"If the price of a product increases
|
which of the following is correct?
|
|
|
None of these will happen."
|
"Answer:
|
|
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less of when their incomes decrease."
|
"Answer:
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"Last year
|
the Ajax firm sold 250 sofas at $1
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|
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the demand for sofas is upsloping."
|
"Answer:
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None of these explain how market demand is determined."
|
"Answer:
|
|
|
"If market demand increases 25 percent and market supply also increases 25 percent
|
what happens to equilibrium price and equilibrium quantity?
|
|
|
Equilibrium price rises and equilibrium quantity is constant."
|
"Answer:
|
|
|
Assume that over fishing has caused the supply of Maine lobster to fall in the summer. What will happen to the market price in the summer as a result?
|
"Answer:
|
|
|
"If market demand increases while market supply decreases
|
what happens to equilibrium price and equilibrium quantity?"
|
|
|
What is an inferior good?
|
"Answer:
|
|
|
What are complement goods?
|
"Answer:
|
|
|
Assume an estate sale causes some original letters written by John Wilkes Booth to be discovered. What will happen to supply and market price?
|
"Answer:
|
|
|
What is a normal good?
|
"Answer:
|
|
|
What are substitute goods?
|
"Answer:
|
|
|
What is a normal good?
|
"Answer:
|
|
|
A good that if consumer income increases
|
demand for the good will increase."
|
|
|
What explains the law of demand?
|
"Answer:
|
|
|
How will an increase in the number of buyers affect the demand for oranges?
|
"Answer:
|
|
|
What is the income effect?
|
"Answer:
|
|
|
When the price of a good falls
|
the purchasing power of buyers increases and they can afford to buy more of the good."
|
|
|
If the price of steel decreases what happens to the supply of desks and why?
|
"Answer:
|
|
|
How does an advance in technology affect supply and why?
|
"Answer:
|
|
|
How is the effect of a change in price represented on a demand diagram?
|
"Answer:
|
|
|
How does a competitive market deal with a surplus at the current price?
|
"Answer:
|
|
|
How is an increase in supply represented on a supply diagram?
|
"Answer:
|
|
|
"If market demand decreases and market supply increases
|
what will the impact on equilibrium price and equilibrium quantity?"
|
|
|
What is the substitution effect?
|
"Answer:
|
|
|
When the price of a good decreases
|
buyers will substitute that good for others that are relatively higher in price."
|
|
|
What is the law of demand?
|
"Answer:
|
|
|
When the price of a good decreases
|
the quantity demanded will increase with all other variables held constant."
|
|
|
What does certerius paribus mean?
|
"Answer:
|
|
|
Price of all normal goods will decrease."
|
"Answer:
|
|
|
Price of all normal goods will decrease."
|
"Answer:
|
|
|
sellers producing products that are more profitable."
|
"Answer:
|
|
|
Equilibrium price falls and equilibrium quantity is constant."
|
"Answer:
|
|
|
none of these"
|
"Answer:
|
|
|
None of these reasons support the need to forecast demand."
|
"Answer:
|
|
|
buyer's incomes"
|
"Answer:
|
|
|
A is an inferior good."
|
"Answer:
|
|
|
None of these are a likely explanation."
|
"Answer:
|
|
|
Quantity demanded for the product will decrease."
|
"Answer:
|
|
|
the number of buyers stays constant."
|
"Answer:
|
|
|
Rise in the price of a substitute fruit."
|
"Answer:
|
|
|
automobiles and motorcycles"
|
"Answer:
|
|
|
By adding all individual quantities buyers will buy for each price."
|
"Answer:
|
|
|
quantity that one buyer will buy at a given price."
|
"Answer:
|
|
|
As price decreases, the quantity demanded decreases."
|
"Answer:
|
|
|
All these correctly describe what happens at a market equilibrium."
|
"Answer:
|
|
|
cooking oil and golf balls"
|
"Answer:
|
|
|
Demand falls because prices have gone down."
|
"Answer:
|
|
|
change in supply."
|
"Answer:
|
|
|
The quantity demanded will increase."
|
"Answer:
|
|
|
quantity that buyers will buy at a given price."
|
"Answer:
|
|
|
None of these would decrease the demand for big screen television sets."
|
"Answer:
|
|
|
a good for which the law of demand does not apply."
|
"Answer:
|
|
|
quantity demanded will decrease."
|
"Answer:
|
|
|
good X is an inferior good."
|
"Answer:
|
|
|
Equilibrium price is constant and equilibrium quantity decreases."
|
"Answer:
|
|
|
None of these explain this."
|
"Answer:
|
|
|
buyers are irrational."
|
"Answer:
|
|
|
None of these can be done by a firm to increase demand for its product."
|
"Answer:
|
|
|
Demand for potatoes would disappear."
|
"Answer:
|
|
|
Demand schedules are tables relating quantity demanded to possible prices."
|
"Answer:
|
|
|
This belief is irrational because rising prices cause demand to decrease."
|
"Answer:
|
|
|
Equilibrium price rises and equilibrium quantity increases."
|
"Answer:
|
|
|
quantity demanded will increase."
|
"Answer:
|
|
|
retirement homes will decrease."
|
"Answer:
|
|
|
change in quantity supplied."
|
"Answer:
|
|
|
shift to a new demand curve, movement along one demand curve."
|
"Answer:
|
|
|
None of these."
|
"Answer:
|
|
|
market price to rise and quantity supplied of that good to increase."
|
"Answer:
|
|
|
Market demand would decrease because the price of automobiles would be higher."
|
"Answer:
|
|
|
By adding the prices each producer will charge for each quantity."
|
"Answer:
|
|
|
all of these correctly state the law of supply."
|
"Answer:
|
|
|
quantity demanded is equal to quantity supplied."
|
"Answer:
|
|
|
An increase in the number of soybean farmers."
|
"Answer:
|
|
|
A drop in the price of cream and sugar."
|
"Answer:
|
|
|
The current market price suddenly increased from a lower level."
|
"Answer:
|
|
|
DVD players"
|
"Answer:
|
|
|
a decrease in the price of inputs."
|
"Answer:
|
|
|
None of these correctly explain what happens to demand."
|
"Answer:
|
|
|
Buyers determine the market price unilaterally."
|
"Answer:
|
|
|
sellers producing more output because their profit has increased."
|
"Answer:
|
|
|
quantity demanded will increase."
|
"Answer:
|
|
|
expectations of the future price has increased."
|
"Answer:
|
|
|
Equilibrium price rises and equilibrium quantity increases."
|
"Answer:
|
|
|
market price to rise and quantity demanded of that good to decrease."
|
"Answer:
|
|
|
none of these is correct"
|
"Answer:
|
|
|
Production costs necessarily increase."
|
"Answer:
|
|
|
The demand for red apples would be unchanged."
|
"Answer:
|
|
|
there is an a positive or upsloping relationship between price and quantity."
|
"Answer:
|
|
|
None of these correctly explain what happens to demand."
|
"Answer:
|
|
|
None of these will happen."
|
"Answer:
|
|
|
less of when their incomes decrease."
|
"Answer:
|
|
|
the demand for sofas is upsloping."
|
"Answer:
|
|
|
None of these explain how market demand is determined."
|
"Answer:
|
|
|
Equilibrium price rises and equilibrium quantity is constant."
|
"Answer:
|
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Assume that over fishing has caused the supply of Maine lobster to fall in the summer. What will happen to the market price in the summer as a result?
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If market demand increases while market supply decreases, what happens to equilibrium price and equilibrium quantity?
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What is an inferior good?
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What are complement goods?
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Assume an estate sale causes some original letters written by John Wilkes Booth to be discovered. What will happen to supply and market price?
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What is a normal good?
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What are substitute goods?
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What is a normal good?
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What explains the law of demand?
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How will an increase in the number of buyers affect the demand for oranges?
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What is the income effect?
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If the price of steel decreases what happens to the supply of desks and why?
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How does an advance in technology affect supply and why?
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How is the effect of a change in price represented on a demand diagram?
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How does a competitive market deal with a surplus at the current price?
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How is an increase in supply represented on a supply diagram?
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If market demand decreases and market supply increases, what will the impact on equilibrium price and equilibrium quantity?
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What is the substitution effect?
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What is the law of demand?
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What does certerius paribus mean?
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