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

The phrase 'ceteris paribus' means

All other factors held constant

Demand for a good or service is said to be effective only when it is associated with

Willingness and ability to pay for a good

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 shift to the right of a supply curve for a product can be caused by

The entry of new firms into the industry

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AQA AS Econ 1.2- Demand and Supply

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

AQA AS Econ 1.2- Demand and Supply Flashcards | StudBud