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Micro/Macro Chapter 3 Flashcards | StudBud
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Micro/Macro Chapter 3
Micro/Macro Chapter 3
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Questions
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Answers
1
True or False: A rise in price leads to an increase in supply
True
False
2
If demand for a good increases as average income decreases, then the good is a/an
Complement good
Inferior good
Substitute good
Normal good
3
The law of demand states
Consumers will buy more of a product as the prices rises
Producers determine the quantity they supply
Consumers will buy less of a product as the prices rises
The price is set by demanders
4
A supply curve is typically
Horizontal
Downward sloping
Vertical
Upward sloping
5
Which of the following could explain an increase in demand for pizza?
A new report state that eating pizza gives you acne
The price of pizza falls
The price of cheeseburgers (a substitute to pizza) increases
Average income increases, and pizza is an inferior good
6
True or False: Changes in the size of the population can increase or decrease demand
True
False
7
A report states that eating avocados helps prevent balding so the __ will shift and the equilibrium quantity will __
supply; decrease
supply; increase
demand; decrease
demand; increases
8
The number of units consumers are willing to purchase at a given price is the
Demand
Demand curve
Quantity demanded
Demand schedule
9
Which of the following would not affect supply?
Natural disasters
Government regulations
New technology
Average income
