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Chapter 3 - Flashcards | StudBud
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Chapter 3 -
Chapter 3 -
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StudBud Administration
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Microeconomics
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
A change in all of the following variables will change the market demand for a product except
tastes.
population and demographics.
income
the price of the product.
2
An increase in the price of substitutes in production would be represented by a movement from
A to B.
S1 to S2.
B to A.
S2 to S1.
3
Chips and salsa are complements. If the P of salsa decreases, the Q
d
for chips will increase.
TRUE
SOMETIMES FALSE
FALSE
SOMETIMES TRUE
4
If the price of orchids falls, the substitution effect due to the price change will cause
an increase in the quantity of orchids supplied.
an increase in the demand for roses, substitute for orchids
an increase in the demand for orchids.
an increase in the quantity of orchids demanded.
5
One would speak of a change in the Q of a good supplied, rather than a change in supply, if
the cost of producing the good changes.
supplier expectations about future prices change.
prices of substitutes in production change.
the price of the good changes.
6
An increase in the number of firms in the market would be represented by a movement from
S1 to S2.
A to B.
B to A.
S2 to S1.
7
A movement along the demand curve for toothpaste would be caused by
a change in population.
a change in consumer income.
a change in the price of toothpaste.
a change in the price of toothbrushes.
8
At a price of $55, the quantity demanded in the market would be
178 oz.
233 oz.
136 oz.
42 oz.
9
At a price of $75, the quantity demanded in the market would be
127 oz.
6 oz.
52 oz.
46 oz.
10
If the price of peaches, a substitute for plums, decreases the demand for plums will increase.
SAMETIMES TRUE
TRUE
SOMETIMES FALSE
FALSE
11
An increase in price of inputs would be represented by a movement from
S2 to S1.
B to A.
A to B.
S1 to S2.
12
If a decrease in income leads to a decrease in demand for mac & cheese, then mac and cheese is
a complement.
a necessity.
a normal good
a neutral good.
