The figure above represents the market for candy. People become more concerned that eating candy causes them to gain weight, which they do not like. As a result, the

D) demand curve shifts from D2 to D1 and the supply curve will not shift.

A) demand curve will not shift, and the supply curve shifts from S1 to S2.

B) demand curve shifts from D1 to D2and the supply curve shifts from S1 to S2.

C) demand curve shifts from D2 to D1 and the supply curve shifts from S2 to S1.

The above figure represents the market for oil. Because of the development of a new deep sea drilling technology the

C) demand curve will not shift, and the supply curve shifts from S1 to S2.

A) demand curve shifts from D1 to D2 and the supply curve shifts from S1 to S2

B) demand curve shifts from D1 to D2 and the supply curve will not shift.

D) demand curve will not shift, and the supply curve shifts from S2 to S1.

The above figure represents the market for oil. When terrorists blow up a major refinery th

A) demand curve for oil will not shift, and the supply curve for oil shifts from S2 to S1.

B) demand curve for oil shifts from D1 to D2 and the supply curve for oil will not shift.

C) demand curve for oil shifts from D1 to D2 and the supply curve for oil shifts from S2 to S1.

D) demand curve for oil will not shift, and the supply curve for oil shifts from S1 to S2.

The above figure represents the market for bicycles. When there is a physical fitness craze the

A) demand curve for bicycles shifts from D1 to D2.

B) demand curve for bicycles shifts from D2 to D1.

C) supply curve of bicycles shifts from S1 to S2.

D) demand curve and the supply curve of bicycles do not shift.

The above figure represents the market for french fries at fast food joints. If the price of potatoes rises and simultaneously people become concerned that french fries can cause heart attacks

A) the demand curve for french fries will shift from D2 to D1 and the supply curve of french fries will shift from S2 to S1.

B) the demand curve for french fries will shift from D2 to D1 and the supply curve of french fries will not shift.

C) the demand curve for french fries will not shift, and the supply curve of french fries will shift from S1 to S2.

D) the demand curve for french fries will shift from D2 to D1 and the supply curve of french fries will shift from S1 to S2

In the above figure, if the demand curve is D2, then

B) the equilibrium price will be P1 and the equilibrium quantity will be Q2.

A) an increase in price will cause the demand curve to shift to D3.

C) the equilibrium price will be P1 and the equilibrium quantity will be Q1.

D) there will be a shortage equal to Q2 - Q1.

A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates

C) the nature of an inferior good.

Each point on a supply curve represents

C) the lowest price for which a supplier can profitably sell another unit.

A) the highest price sellers can get for each unit over time.

B) the lowest price buyers will accept per unit of the good.

D) the highest price buyers will pay for the good

Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the

D) supply curve of good B leftward.

A) demand curve for good B rightward.

B) demand curve for good B leftward.

C) supply curve of good B rightward.

Blank tapes and prerecorded tapes are substitutes in production. An increase in the price of a blank tape will cause

A) a decrease in the supply of prerecorded tapes.

B) an increase in the quantity supplied of prerecorded tapes but not in the supply.

C) a decrease in the quantity supplied of prerecorded tapes but not in the supply.

D) an increase in the supply of prerecorded tapes.

Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A

C) increases the supply of good B.

A) increases the demand for good B.

B) decreases the demand for good B.

D) decreases the supply of good B.

Over the past decade technological improvements that have lowered the cost of producing an automobile have increased

C) the supply but not the demand for automobiles.

A) the demand but not the supply of automobiles.

B) both the supply and the demand for automobiles.

D) neither the supply nor the demand for automobiles.

Which of the following will shift the supply curve for good X leftward?

B) an increase in the cost of the machinery used to produce X

A) a situation in which quantity demanded exceeds quantity supplied

C) a decrease in the wages of workers employed to produce X

D) a technological improvement in the production of X

Which of the following does NOT shift the supply curve?

A) an increase in the price of the good

B) a fall in the price of a substitute in production

C) a decrease in the wages of labor used in production of the good

If the price of a good changes but everything else influencing suppliers' planned sales remains constant, there is a

D) movement along the supply curve.

A) rotation of the initial supply curve around the initial price.

B) new supply curve that is to the right of the initial supply curve.

C) new supply curve that is to the left of the initial supply curve.

A decrease in the quantity supplied is represented by a

B) movement down the supply curve

A) rightward shift in the supply curve.

C) leftward shift in the supply curve.

D) movement up the supply curve.

A change in which of the following alters buying plans for cars but does NOT shift the demand curve for cars?

B) a 20 percent increase in the price of a car

A) a 10 percent decrease in the price of car insurance

C) a 5 percent increase in people's income

D) an increased preference for walking rather than driving

When we say demand increases, we mean that there is a

D) rightward shift of the demand curve.

A) movement to the right along a demand curve.

B) movement to the left along a demand curve.

C) leftward shift of the demand curve.

A reduction in the price of a good

A) does not shift the good's demand curve leftward but does decrease the quantity demanded

B) shifts the good's demand curve leftward but does not decrease the quantity demanded.

C) shifts the good's demand curve leftward and also decreases the quantity demanded.

D) neither shifts the good's demand curve leftward nor decreases the quantity demanded.

In 2000 there were 200,000 gas grills demanded at a price of $500. In 2001 there were more than 200,000 gas grills demanded at the same price. This increase could be the result any of the following EXCEPT

A) an increase in the supply of gas grills.

C) an increase in income if gas grills are a normal good.

D) a fall in the price of natural gas, a complement for a gas grill.

If income decreases or the price of a complement rises,

A) there is an upward movement along the demand curve for the good.

B) there is a downward movement along the demand curve for the good.

D) the demand curve for a normal good shifts rightward

Demand and Supply

Authored by Anton Kacaribu

English

University

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is consistent with the law of demand?

A) A decrease in the price of a gallon of milk causes a decrease in the quantity of milk demanded.

B) An increase in the price of a soda causes a decrease in the quantity of soda demanded.

C) An increase in the price of a tape causes an increase in the quantity of tapes demanded.

D) A decrease in the price of juice causes no change in the quantity of juice demanded.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following influences people's buying plans and varies moving along a demand curve?

A) preferences

B) the price of the good

C) income

D) the prices of related goods

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The demand curve for a normal good shifts leftward if income or the expected future
price .

A) decreases; falls

B) increases; rises

C) increases; falls

D) decreases; rises

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A normal good is a good for which demand

A) increases when income increases.

B) decreases when population increases.

C) increases when population increases.

D) decreases when income increases.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the figure above, an increase in the supply of oil would result in a movement from

A) point a to point d.

B) point a to point e.

C) point a to point b.

D) point a to point c.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the figure above, an increase in the quantity of oil supplied but NOT in the supply of oil is
shown by a movement from

A) point a to point c.

B) point a to point b.

C) point a to point e.

D) point a to point d.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In the figure above, a decrease in the quantity of oil supplied but NOT in the supply of oil is shown
by a movement from

A) point a to point e.

B) point a to point d.

C) point a to point b.

D) point a to point c.

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Demand and Supply

Which of the following is consistent with the law of demand?

Which of the following influences people's buying plans and varies moving along a demand curve?

The demand curve for a normal good shifts leftward if income or the expected future
price .

A normal good is a good for which demand

In the figure above, an increase in the supply of oil would result in a movement from

In the figure above, an increase in the quantity of oil supplied but NOT in the supply of oil is
shown by a movement from

In the figure above, a decrease in the quantity of oil supplied but NOT in the supply of oil is shown
by a movement from

In the figure above, which movement could be caused by an increase in the wages of oil workers?

In the figure above, which movement could be caused by the development of a new, more efficient
refining technology?

The figure above represents the market for candy. People become more concerned that eating
candy causes them to gain weight, which they do not like. As a result, the

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for English

Demand and Supply

Which of the following is consistent with the law of demand?

Which of the following influences people's buying plans and varies moving along a demand curve?

The demand curve for a normal good shifts leftward if income ________ or the expected futureprice ________.

A normal good is a good for which demand

In the figure above, an increase in the supply of oil would result in a movement from

In the figure above, an increase in the quantity of oil supplied but NOT in the supply of oil isshown by a movement from

In the figure above, a decrease in the quantity of oil supplied but NOT in the supply of oil is shownby a movement from

In the figure above, which movement could be caused by an increase in the wages of oil workers?

In the figure above, which movement could be caused by the development of a new, more efficientrefining technology?

The figure above represents the market for candy. People become more concerned that eatingcandy causes them to gain weight, which they do not like. As a result, the

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for English

The demand curve for a normal good shifts leftward if income or the expected future
price .

In the figure above, an increase in the quantity of oil supplied but NOT in the supply of oil is
shown by a movement from

In the figure above, a decrease in the quantity of oil supplied but NOT in the supply of oil is shown
by a movement from

In the figure above, which movement could be caused by the development of a new, more efficient
refining technology?

The figure above represents the market for candy. People become more concerned that eating
candy causes them to gain weight, which they do not like. As a result, the