the sum of quantities demanded by all consumers in a market

If consumers expect the gas prices to rise tomorrow, what will happen to demand for gas today?

demand curve shifts right because of consumer expectations

If the price of water bottles increased to $4 per bottle...

the quantity of water bottles demanded would decrease, this would be a movement along the demand curve

Demand is the quantities of a product or service that buyers are

willing& able to purchase @ various prices in a time period

A hurricane hits Florida & destroys many orange tree farms. What happens to the orange market?

The supply of oranges will decrease at each price level

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Economics: Demand & Supply

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A #business quiz on #supply and #demand

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Questions 8

Answers

1
Market demand is ...
the sum of quantities demanded by all producers in a market
the product of quantities demanded by all consumers
the sum of quantities demanded by all consumers in a market
the sum of quantities supplied by all consumers in a market
2
Which of the following is NOT a supply factor that would shift the supply curve?
change in cost of factors of production
change in number of businesses
change in expectations
change in population
3
If consumers expect the gas prices to rise tomorrow, what will happen to demand for gas today?
demand curve shifts right because of change in population
demand curve shifts left because of consumer expectations
demand curve shifts right because of consumer expectations
demand curve shifts right because of change in alternatives
4
If the price of water bottles increased to $4 per bottle...
the quantity of water bottles demanded would decrease
the supply curve for water bottles would shift left
the quantity supplied would decrease
this would be a movement along the demand curve
5
Producers (suppliers) will increase the quantity supplied as the price rises because...
they just feel like it
they like money
false; they would decrease the quantity supplied
they want to maximize profits
6
Demand is the quantities of a product or service that buyers are
unwilling to purchase @various prices
willing and able to purchase at various prices
wanting to buy in the future at some point
willing& able to purchase @ various prices in a time period
7
At the price of $2, what is the quantity demanded?
9
60
90
6
8
A hurricane hits Florida & destroys many orange tree farms. What happens to the orange market?
The demand for oranges increases
The demand curve will shift left
The supply of oranges will decrease
The supply of oranges will decrease at each price level

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