An increase in the price of a good would a. Increase the amount purchased by buyers. b. Decrease the supply of the good.. c. Give producers an incentive to produce more. d. Decrease both the quantity demanded of the good and the quantity supplied of the good.
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- If we observe an increase in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a. a decrease in the supply of the good. a. a decrease in the supply of the good. b. an increase in the demand for the good. b. an increase in the demand for the good. c. a decrease in the demand for the good. c. a decrease in the demand for the good. d. an increase in the supply of the good.An increase in the price of a good would :a. Give producers an incentive to produce more. b. Increase the amount purchased by buyers. c.Decrease both the quantity demanded of the good and the quantity supplied of the good. d. Decrease the supply of the good..If milk is a normal good, then a decrease in consumers’ income will definitely cause A a decrease in the demand for milk.B an increase in the demand for milk.C an increase in the supply of milk.D a decrease in the supply of milk.E an increase in the demand and supply of milk.
- What are a demand schedule and a demand curve? A. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes, holding all other determinants of quantity demanded constant. When the points of quantity demanded and prices are plotted on a graph, it is called a demand curve. B. C. D. A demand schedule is a table showing how the quantity demanded of some product during a specified period of time changes as the price of that product changes. When the data is plotted it on a graph is called a demand curve. A demand schedule is a table showing how the quantity demanded of some product as the price of that product changes. When the data is plotted on a graph it is called a demand curve. A demand schedule is a table showing the quantity demanded of good or service by rational individuals with steady income. When the data is plotted on a graph it is called a demand curve.Assume that good Z is an inferior good for a consumer. If the consumer's income increases, thenA. the supply of good Z will increase.B. the supply of good Z will decrease.C. the demand of good Z will increase.D. the demand of good Z will decrease.Suppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and price of Pinot Noir increased in the market after the movie release, what does this imply? Select one: a. The decrease in supply was greater than the increase in demand. b. The increase in demand was greater than the decrease in supply. C. The increase in supply was greater than the decrease in demand. d. The decrease in demand was greater than the increase in supply.
- A rise in the wages paid to workers in the beef industry will: A. Decrease both the supply and demand for beef, lowering the equilibrium price but raising the equilibrium quantity of beef. B. Increase the demand beef, raising the equilibrium price and quantity of beef. C. Decrease the supply of beef, raising the equilibrium price and quantity of beef. D. Decrease the supply of beef, raising the equilibrium price but lowering the equilibrium quantity of beef. E. Decrease the demand for beef, lowering the equilibrium price and quantity of beef.a. What is the difference between a "change in demand" and a "change in quantity demanded?" Graph your answer.b. For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand.i. a change in the price of a related goodii. a change in tastesiii. a change in the number of buyersiv. a change in pricev. a change in consumer expectationsvi. a change in incomeIf good B is a substitute for good A and the price of good B increases, a. the demand for good A will increase. b. the price of good A will decrease. c. the quantity demanded of good B will increase. d. the quantity demanded of good A will decrease.
- If price will change, holding other factors constant, the following will happen in the market for a consumerSingle choice. a. There will be a change in quantity demanded. b. There will be a change in quantity supplied. c. There will be a change in demand. d. There will be a change in supply.An increase in demand means that: a. when the price falls, consumers are willing to purchase greater quantities of the good. b. consumers cause the price drop by buying greater quantities of the good. C. consumers are willing to purchase greater quantities of the good at any given price. d. when the price rises, consumers are willing to purchase greater quantities of the good.6. What is true of both an increase in demand and an increase in quantity demanded? a. They both involve a shift of the demand curve to the right. b. They are impacted by a change in the price of the good. c. They both involve a change in the willingness or ability to buy. d. They both involve a movement down along a fixed demand curve.