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Supply, Demand And Equilibrium Flashcards | StudBud

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Supply, Demand And Equilibrium

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Supply and demand determinants

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Questions 8

Answers

1
Which of these is NOT a supply determinant (i.e., which WILL NOT shift the whole supply curve)?
a change in the prices of complementary goods
a change in producers’ expectations
a change in technology andproductivity
a change in the prices of resources
2
A rise in the price of GUM DROPS, asubstitute for jelly beans would cause a move
from D to D1
from A to B
from D1 to D
from B to A
3
If the price of barley, an ingredient in beer,increases, the price of beer will increase and
the demand for beer will decrease.
the demand for beer will increase
the quantity of beer demanded will increase.
the demand for beer bill not change.
4
An inferior good is one that:
will only be purchased by poor people
consumers buy less with a higher income
An inferior good is one that:
consumers buy more at a higher price
5
Other things constant, an increase in the priceof Jelly Beans would cause a move:
from D to D1
from D1 to D
from A to B
from B to A
6
All but which of the following would cause a decrease the demand for bananas?
A deadly virus kills monkeys in zoos across the US.
Consumers’ incomes drop, assuming bananas are anormal good.
orts surface that imported bananas carry adeadly virus.
The price of bananas rises.
7
A shift to the left of a supply curve for a goodis caused by:
a technological improvement in production of the good.
an increase in the number of sellers.
an increase in the number of buyers.
a higher market price for goods made with the same inputs.
8
Suppose that automakers expect car prices to belower in the future. What will automakersdo now?
Decrease consumer demand for cars.
Sell more cars now (increase supply).
Hold supply of cars constant
Sell fewer cars now (decrease supply).