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AQA AS Level - Demand and Supply Flashcards | StudBud

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The phrase 'ceteris paribus' means

Which would cause the market supply curve for new wool suits to shift to the right?

AQA AS Level - Demand and Supply

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AS Level Economics - Theorys of Demand and Supply

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Questions 8

Answers

1
Which would cause the market supply curve for new wool suits to shift to the right?
Reduction in a tariff on imported wool used in manufacture
An increase in the prices of jeans and shirts
An increase in the selling price of new suits
An increase in the real income of consumers
2
The phrase 'ceteris paribus' means
Both factors moving in the same direction
All other factors held constant
No change in any economic factor
A change in one factor affects another
3
As price falls quantity demanded for a normal good will fall
False
True
4
A fall in a price of a substitute good will cause an inward shift in the demand for a produce
Flase
True
5
On a demand and supply diagram a fall in production costs will normally shift
The demand curve to the right
The demand curve to the left
The supply curve to the right
The supply curve to the left
6
A shift to the right of a supply curve for a product can be caused by
A rise in costs of production
A rise in popularity of the product
The entry of new firms into the industry
A government tax on producers
7
Demand for a good or service is said to be effective only when it is associated with
The satisfaction of a want
The existance of an adequate supply of the good
Knowledge of the characteristics of the good
Willingness and ability to pay for a good
8
Which of the following is not a cause of a shift in the market demand of a product?
A change in the product's own price
A change in consumers tastes and preferences
A change in consumer incomes
A change in the price of a complementary good