Determinants of Demand and Supply

Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under?

• Change in Consumer Income
• Change in Consumer Tastes
• Change in Price of Substitute Good
• Change in Consumer Price Expectations

Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under?

• Change in Price of Complementary Good
• Change in Price of Substitute Good
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market

The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?

• Change in Consumer Tastes
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market
• Change in Consumer Income

I know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?

• Change in Price of Complementary Good
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market
• Change in Consumer Income

McDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?

• Change in Consumer Tastes
• Change in Price of Substitute Good
• Change in Price of Complementary Good
• Change in Number of Consumers in the Market

Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?

• Change in Consumer Income
• Change in Consumer Tastes
• Change in Consumer Price Expectations
• Change in Number of Consumers in the Market

Labor costs are rising through the roof! Minimum wages are now at $25 an hour. This means even the basic item will need to cost more to keep up with rising costs. What determinant of supply does this most relate to?

• Change in Technology
• Change in Number of Sellers in the Market
• Change in Cost of Factors of Production

A brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?

• Change in Technology
• Change in Profit Opportunities Producing other Products
• Change in Producers' Price Expectations

The sellers of Twinkies also sell healthy foods. With all the health regulations we have now, the sellers of Twinkies want to sell more healthy foods. The supply of Twinkies will decrease. What supply factor does this best relate to?

• Change in Technology
• Change in Number of Sellers in the Market
• Change in Profit Opportunities Producing other Products

I foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?

• Change in Technology
• Government Action
• Change in Producers' Price Expectations