Econ Ch4.2 Demand Curve Shifts

a movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price (p.95)

• Change in supply

• Change in quantity demanded

• Change in demand

• none of the above

the change in demand because of a change in price that alters consumers' real income (p.96)

• income effect

• substitution effect

• complement effect

• change in demand

Demand increases or decreases because people are willing to buy different amounts of the product at every price point.

• change in supply curve

• change in supply

• change in quantity demanded

• change in demand

 two goods for which an increase in the price of one leads to an increase in the demand for the other is called...

• complements

• preference effect

• substitution effect

• income effect

the amount of a good that buyers are willing, able, and desire to buy at a given price

• change in demand

• demand

• utility

• determinants of demand

factors that increase or decrease demand:

prices of related goods, income, expectations, population, tastes/preferences

• mood

• supply curve

• change in demand

• determinants of demand

two goods for which an increase in the price of one leads to an increase in the demand for the other

• complements

• substitutes

• replacements

• substitution effect

How does the demand curve respond to an increase in demand?

• the curve shifts left

• there is movement along the curve

• the curve shifts right

• there is no change in the curve

All of the following are complements EXCEPT

• butter and margarine

• peanut butter and jelly

• flashlights and batteries

• cameras and film

a change in the number of consumers (population) can cause...

• the demand curve to shift left or right

• a substitution effect

• the market demand curve to shift left

• prices to fall