Economics quizzes (exam 2): sherwood – Flashcards
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An increase in the price of computer chips used to make Nintendo games - the cost of inputs is one of the factors that influence supply
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What would be most likely to cause a reduction in the supply of Nintendo video games?
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Quantity supplied at that price- ceteris paribus
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Each point on the supply curve shows the:
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How many units producers are willing and able to sell at various prices
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A supply schedule shows
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The demand for tennis balls to decrease
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If the price of tennis rackets were to increase, we would expect
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Indicates the quantities that will be purchased at alternative market prices
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The demand schedule for a good
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A. Decrease the demand for an inferior good B. Increase the supply of a normal good C. Increase the demand for a normal good D. Decrease the supply of an inferior good NONE OF THE ANSWERS ARE CORRECT
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A decrease in consumer incomes will
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Inverse relationship between the price of a good and the quantity demanded
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Do you all of demand refers to the
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Buyers and sellers have a little market power
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Which of the following is true of a competitive market
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An increase in the price of swordfish
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Which of the following would not shift the supply curve for swordfish
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Will buy various prices
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In economics the demand for a good refers to the amount of the good people
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How the quantity produced varies with price
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The supply curve shows
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Supplied at each price by all of the producers
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The market supply schedule reflects the total quantity
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Quantity demanded will increase
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If the price of music downloads decreases, which of the following is most likely to occur
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Used clothing
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Which of the following is most likely to be an inferior good
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A. Movement up along a supply curve B. Movement down along the supply curve C. Downward shift of the supply curve D. Rightward shift of the supply curve None of the answers are correct - shift leftward
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To an economic a decrease in supply means a
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Complements
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Whenever the price of good A decreases, the demand for a good B increases. A and B appear to be
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Suppliers are willing to increase production of their goods if they receive higher prices for them
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An upward sloping supply curve shows that
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Prices of unrelated goods
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A change in which of the following variables does not cause a change in demand
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Quantity supplied is caused by a change in a goods own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or Taxes
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The difference between a change in quantity supplied and a change in supply is that a change in
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An increase in the price of milk
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Which of the following would not cause a change in the supply of milk
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The demand for tea will increase
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Assume that coffee And tea are substitutes for each other. If weather conditions cause a substantial portion of the available coffee crop to be destroyed then most probably
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A. Everyone with the desire in the income to buy gasoline at that price can do so D. Also I was willing and able to sell gasoline at that price can do so
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At the equilibrium price for gasoline
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The price will tend to rise
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When there is an excess quantity demanded of a product at that current price, then
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C. The market price must be above equilibrium price D. The market price Will tend to fall
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When there is an excess quantity supplied of a product at the current price then
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A decrease in the current price of LCD TVs
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Witchel following will increase the quantity oF LCD TVs demanded but would not increase the demand for LCD TVs
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The rent decreased leading to an increase in quantity demand
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Ceteris paribus, if the vacancy rate in an apartment complex is increased from 5% to 20% over the past two years we would expect to see
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This statement is incorrect because it confuses demand with quantity demand
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Interpret the following statement "demand exceeds the available quantity of apartment housing. If the price of apartment rentals were increased, demand would decrease and equilibrium could be achieved."
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At equilibrium, quantity demanded equals quantity supplied
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Which of the following is the correct way to describe equilibrium in the market
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Sellers; lower
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If there is a surplus, ____ Will be frustrated by their inability to exchange at the current price, and they will ____ the prices as a result
