L03 Supply and Demand part 1

Poll

Who would YOU side with in the dispute over the flute?

• Ana, the child who can play the flute.

• Bob, who has no other toys.

• Carla, who made the flute.

Multiple Choice

If the price of oreos falls from $3 to $2, what does the Law of Demand lead us to predict will happen in the market for oreos?

• The quantity demanded of oreos will increase

• The quantity demanded of oreos will decrease

• The demand curve will shift to the left

• The demand curve will shift to the right

Multiple Choice

If the price of movie tickets rises from $15 to $20, what does the Law of Demand lead us to predict will happen in the market for movie tickets?

• The quantity demanded of movie tickets will increase

• The quantity demanded of movie tickets will decrease

• The demand curve will shift to the left

• The demand curve will shift to the right

Multiple Choice

The price of a Burger King Whopper falls. How will this affect the market for Big Macs? (You may assume that some consumers think that a Whopper is a substitute for a Big Mac.)

• The demand curve for Big Macs will shift to the right

• The demand curve for Big Macs will shift to the left

• The demand curve for Big Macs will not change

• There will be a movement along the demand curve, to a greater quantity demanded

• There will be a movement along the demand curve, to a lesser quantity demanded

Multiple Choice

You get a pay raise at your job. How will this affect your demand for steak dinners? (Hint: Imagine that you love steak dinners.)

• Your demand curve for steak dinners will shift to the right

• Your demand curve for steak dinners will shift to the left

• Your demand curve for steak dinners will not change

• There will be a movement along the demand curve, to a greater quantity demanded

• There will be a movement along the demand curve, to a lesser quantity demanded

Multiple Choice

You get a pay raise at your job. How will this affect your demand for generic cheese? (Hint: Imagine that you have a taste for fancy and expensive cheeses.)

• Your demand curve for generic cheese will shift to the right

• Your demand curve for generic cheese will shift to the left

• Your demand curve for generic cheese will not change

• There will be a movement along the demand curve, to a greater quantity demanded

• There will be a movement along the demand curve, to a lesser quantity demanded

Multiple Choice

The price of your favorite beverage falls. Whenever you enjoy this beverage, you get a craving for pizza (because you always drink this beverage with pizza). How will the lower price of the beverage affect your demand for pizza?

• Your demand curve for pizza will shift to the right

• Your demand curve for pizza will shift to the left

• Your demand curve for pizza will not change

• There will be a movement along the demand curve, to a greater quantity demanded

• There will be a movement along the demand curve, to a lesser quantity demanded

Multiple Choice

Doctors discover that oranges cure baldness. How will this affect the market for oranges?

• The demand curve for oranges will shift to the right

• The demand curve for oranges will shift to the left

• The demand curve for oranges will not change

• There will be a movement along the demand curve, to a greater quantity demanded

• There will be a movement along the demand curve, to a lesser quantity demanded