Which of the following is most likely to cause a demand curve to shift to the left?

A rise in the price of a complementary good

How does supply and demand determine equilibrium price and quantity

price makes quantity demanded equal to quantity supplied

Distinguish some non-price determinants of demand of a normal good

Income: as income decreases, demand decreases

Amount of a product that someone is willing and able to pay

when prices falls, quantity demanded rises, when price rises, quantity demanded falls

Supply and demand are:

fundamental forces in a free market economy

When the price of a good or service changes,

there is a movement along a stable demand curve.

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supply and demand

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Questions 14

Answers

1
Determinants of supply do not include:
government regulations.
prices for other producible goods.
tastes and preferences.
resource prices.
2
What are the determinants of demand?
Consumer tastes/ preferences
Consumer Expectations
All of the Above
Prices of related goods
3
Which of the following is most likely to cause a demand curve to shift to the left?
A rise in the price of the good
A rise in general levels of income
A fall in the cost of inputs to production
A rise in the price of a complementary good
4
How does supply and demand determine equilibrium price and quantity
price makes quantity demanded equal to quantity supplied
The price is unrelated to the good in question
The price doesn't determine equilibrium
The price makes the quantity demanded impossible to reach
5
Which of the following does not cause a shift of an entire demand curve?
none of the above
a change in consumer expectations
a change in price
a change in income
6
Distinguish some non-price determinants of demand of a normal good
Income: as income decreases, demand increases
Income: as income decreases, demand decreases
Number of sellers in the market
Innovation of technology
7
What is Demand?
Amount of a product that someone is willing and able to pay
The amount of resources supplied
An order
A problem of society
8
Law of Demand
when prices falls, quantity demanded rises
when price rises, quantity demanded rises
when prices fall, quantity demanded falls
when price rises, quantity demanded falls
9
Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are
inferior goods.
substitute goods.
normal goods.
complementary goods.
10
Which of the following is NOT one of the determinants of Demand?
Change in Price of Substitutes
Increase in Technology
Consumer Tastes (Fads)
Expectations
11
Supply and demand are:
in a never changing equilibrium
are factors of production
a straight line with constant gradient
fundamental forces in a free market economy
12
What is the point when supply and demand are equal?
capitalism
market price
trade off
scarcity
13
When the price of a good or service changes,
demand shifts in the opposite direction.
supply shifts in the opposite direction
there is a movement along a stable demand curve.
demand shifts in the same direction.
14
Given market demand and supply Qs=200-4P, Qd=20+2P; Equilibrium price and quantity are?
P = 20, Q = 60
P = 25, Q = 70
P = 80, Q = 30
P = 30, Q = 80

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