Demand Yr 11

When the price of Apple computers goes down, what probably happens to the demand for Windows-based computers? *

a. The demand for Windows-based computers increases

b. The demand for Windows-based computers decreases

c. A change in the price of Apple computers has no effect on the demand for Windows-based computers

• The demand for Windows-based computers increases

• The demand for Windows-based computers decreases

• A change in the price of Apple computers has no effect on the demand for Windows-based computers

When the price of olive oil goes up, what probably happens to the demand for corn oil? *

• The demand for corn oil increases

• The demand for corn oil decreases

• A change in the price of olive oil has no effect on the demand for corn oil

When the price of petroleum goes up, what probably happens to the demand for natural gas? *

• The demand for natural gas increases

• The demand for natural gas decreases

• A change in the price of petroleum has no effect on the demand for natural gas

If everyone thinks that the price of tomatoes will go up next week, what is likely to happen to demand for tomatoes today? *

a. The demand for tomatoes increases

b. The demand for tomatoes decreases

c. Expectations about the price of tomatoes has no effect on the demand for tomatoes today

• The demand for tomatoes increases

• The demand for tomatoes decreases

• Expectations about the price of tomatoes has no effect on the demand for tomatoes today

If disposable income decreases or the price of a complementary good rises:

• there is an upward movement along the demand curve for the good

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

• the demand curve for a normal good shifts to the left.

• the demand curve for a normal good shifts to the left.

A complementry is a good:

• used in conjunction with another good.

• used instead of another good.

• of a lower quality of another good

• of higher quality than another good

Each point on the demand curve reflects:

• the highest price consumers are willing and able to pay for that particular unit of a good.

• the highest price sellers will accept for all units they are producing.

• the lowest-cost technology available to produce a good.

• all the wants of a given household.

An increase in the price of airpods:

• Results in a shift of the demand curve to the right

• Results in a movement along the demand curve to a lower quantity demanded

• Results in a shift of the demand curve to the left

• Results in a movement along the demand curve to a higher quantity

When you buy a game system and games together, this is an example of which economic concept?

• Complements

• Substitutions

• Elasticity

• Economics

In a ____, most economic decisions are made by individuals looking out for their own interests.

• free exchange

• market economy

• privatized economy

• socialist market