coffee and tea are substitutes, a decrease in the price of coffee results in...

Downward movement along the demand curve for tea

The Supply Curve is upward-sloping because

As price increases, suppliers earn higher levels of profit

As substitues, a decrease in the price of pork will cause the demand curve for beef to

Shift to the left as consumers switch from beef to pork

Steak is a normal good, a decrease in consumer income, other things being equal, will.....

Shift the demand curve for steak to the left

If a tax is placed on alcohol...

the supply curve shifts to the left

Steak and potatoes are complements, a decrease in the price of steak will...

Increase the demand for potatoes

When a price ceiling is imposed above the equilibrium price

the equilibrium outcome prevails.

An increase in consumer income, other things being equal, will...

Shift the demand curve for an inferior good to the left

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Econ Unit 2: Micro Econ_Keana

15 termsStudBud Administration99 plays

This goes over supply and demand.

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Questions 15

Answers

1
coffee and tea are substitutes, a decrease in the price of coffee results in...
Downward movement along the demand curve for tea
None of the above
Rightward shift in the demand curve for tea
Upward movement along the demand curve for tea
2
Why do basketball players make so much more than teachers?
The supply of basketball players is low.
All of the above
Demand is high for players because they earn more for firms
Consumers spend lots of money to watch basketball
3
If bicycles are now 50% off, demand shifts right.
None of the above
False
True
There is no shift
4
Which will cause a demand shift?
A change in consumer income
A change in price of a close substitute
All of the above
A change in price of the good
5
The Supply Curve is upward-sloping because
Price increases and so does costs
None
As the price increases, consumers demand less.
As price increases, suppliers earn higher levels of profit
6
As substitues, a decrease in the price of pork will cause the demand curve for beef to
TThis cant happen, they are sold in seperate markets.
Shift to the right as consumers switch from beef to pork
Remain unchanged
Shift to the left as consumers switch from beef to pork
7
Steak is a normal good, a decrease in consumer income, other things being equal, will.....
Cause an upward movement along the demand curve for steak.
Shift the demand curve for steak to the left
Shift the demand curve for steak to the right
Cause a downward movement along the demand curve for steak
8
If a tax is placed on alcohol...
the demand curve shifts to the right
the supply curve shifts to the right.
the demand curve shifts to the left
the supply curve shifts to the left
9
Steak and potatoes are complements, a decrease in the price of steak will...
Increase the demand for potatoes
Increase the demand for steak
Decrease the demand for potatoes
Decrease the demand for steak
10
The demand curve for orange juice is downwards, so an increase in price will...
An increase in the demand
A smaller quantity demanded
A decrease in the demand
No change in the quantity demanded
11
The price of a good or service will determine the ________________ from the consumer.
Economic Drive
Demand
Consumer Interest
Supply
12
Government answers what, how, how much, and for whom to produce.
Market
Product Power
Command
Economy
13
When a price ceiling is imposed above the equilibrium price
the equilibrium outcome prevails.
a shortage results.
a surplus results
There is not enough information about the ceiling
14
The price must equal the good or service for the consumer and producer to be pleased.
Supply and Demand
Consumer Income
Equillibrium
Macroeonomics
15
An increase in consumer income, other things being equal, will...
Shift the demand curve for an inferior good to the left
An upward movement along the demand curve for inferior goods
A downward movement on the supply curve for normal goods
Shift the supply curve for a normal good to the right

Econ Unit 2: Micro Econ_Keana Flashcards | StudBud