If new manufacturers enter the computer industry, then (ceteris paribus):

B. the supply curve shifts to the right.

14. When quantity demanded decreases in response to a change in price:

D. there is a movement up along the demand curve.

The demand curve for a typical good has a(n):

A. negative slope; some consumers switch to other goods as the price rises.

The nature of demand indicates that as the price of a good increases:

D. buyers desire to purchase less of it.

In economics, the demand for a good refers to the amount of the good that people:

B. are willing buy at various prices.

The demand schedule for a good:

indicates the quantities that will be purchased at alternative prices.

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Economics Chapter 3

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Questions 15

Answers

1
Any given demand or supply curve is based on the ceteris paribus assumption that
B. all else is held equal
C. no one knows which variables will change and which will remain constant.
A. everything is variable.
D. what is true for the individual is not necessarily true for the whole.
2
Nearly all supply curves share a basic similarity: they slope ________________.
C. up from right to left
B. up from left to right
A. down from left to right
D. down from right to left
3
The downward slope of the demand curve illustrates the pattern that as __________rises, ________ decreases.
C. price, quantity demanded
A. quantity demanded, price
D. price, quantity supplied
B. quantity supplied, quantity demanded
4
The relationship that a higher price leads to a lower quantity demanded is called the:
A. income gap
D. price model
C. law of demand
B. market equilibrium
5
A supply curve is a graphical illustration of the relationship between price, and THIS (Shown on the Horizontal axis)
Demand
Quantity Demanded
Quantity
Quantity Supplied
6
A demand curve shows the relationship between price and ______________ on a graph.
C. economies of scale
B. quantity produced
A. quantity demanded
D. costs
7
When talking about supply, we are referring to a relationship between price received for each unit and the ____________
C. quantity supplied
A. demand schedule
B. market price
D. demand curve
8
If new manufacturers enter the computer industry, then (ceteris paribus):
D. some established manufacturers must exit the industry.
B. the supply curve shifts to the right.
C. the demand curve shifts to the left.
A. the supply curve shifts to the left.
9
14. When quantity demanded decreases in response to a change in price:
D. there is a movement up along the demand curve.
C. there is a movement down along the demand curve.
A. the demand curve shifts to the right.
B. the demand curve shifts to the left.
10
The demand curve for a typical good has a(n):
C. negative slope; the good has less "snob appeal" as its price falls.
A. negative slope; some consumers switch to other goods as the price rises.
D. inverse slope; as the price goes up, the good has more profitability.
B. negative slope; consumer incomes fall as the price of the good rises.
11
The nature of demand indicates that as the price of a good increases:
D. buyers desire to purchase less of it.
B. more of it is produced.
A. suppliers wish to sell less of it.
C. more of it is desired.
12
In economics, the demand for a good refers to the amount of the good that people:
D. will buy at alternative income levels.
C. need to achieve a minimum standard of living.
B. are willing buy at various prices.
A. would like to have if the good were free.
13
The _________ is the only price where quantity demanded is equal to quantity supplied.
A. equilibrium price
C. vertical axis intercept
D. market price
B. horizontal axis intercept
14
The demand schedule for a good:
C. is determined primarily by the cost of producing the good.
B. indicates the quantities that suppliers will sell at various prices.
indicates the quantities that will be purchased at alternative prices.
A. indicates the quantity that people will buy at the prevailing price.
15
_____________ refers to the total number of units that are purchased at that price.
C. supply
B. quantity demanded
D. market quantity
A. quantity

Economics Chapter 3 Flashcards | StudBud