Home Library Explore SAT

Home Library Explore SAT

Duplicate of AQA AS Level - Demand and Supply Flashcards | StudBud

Explore/Duplicate of AQA AS Level - Demand and Supply

The phrase 'ceteris paribus' means

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

Duplicate of AQA AS Level - Demand and Supply

8 terms·StudBud Administration·47 plays

AS Level Economics - Theorys of Demand and Supply #economics #demand #supply

Flashcards8 cardsFPractice quizPHost liveL

Questions 8

Answers

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