The law of supply states that, other things equal, when the price of a good  A rises, the supply of the good falls. B rises, the quantity supplied of the good rises. C falls, the quantity supplied of the good rises. D falls, the supply of the good rises.

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.

Suppose there is an advance in the technology of tire production, in the market for tires     a. Demand decreases, and the supply of tires increases.     b. Demand increases, and the supply of tires decreases.     c. Demand curve is unaffected, and the supply of tires increases.     d. Supply curve is unaffected, and the demand for tires increases.

Explain by graph the situation when the quantity demanded greater than the quantity supplied in the market.

A B D, The demand for a blueberries, a normal good, is shown in the graph above. A shift from B to A might be caused by: Multiple Choice a decrease in the price of blueberries. an increase in the price of blueberries. a decrease in the price of a substitute. an increase in the price of a substitute. Peter recently has accepted a 10 percent cut in pay as part of cutbacks at his workplace. Now he makes his coffee at home instead of stopping at the local coffee shop every day. Based on this behavior, what can we assume about these goods for Peter? Multiple Choice Home-brewed coffee is a normal good and coffee shop coffee is an inferior good. Home-brewed coffee and coffee shop coffee are normal goods. Home-brewed coffee will become a normal good over time Home-brewed coffee is an inferior good and coffee shop coffee is a normal good.

An increase in the price of Good A causes all of the following except: a decrease in the quantity demanded of Good A. a decrease in revenue due to the quantity effect. an increase in revenue due to the price effect. a decrease in revenue due to the price effect.

Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?

If the price of a chocolate bar is $2.50, how does the market move to its equilibrium?   As the market moves to its equilibrium, the price of a chocolate bar ________.     A. rises, and the quantity demanded and quantity supplied both decrease   B. rises, the quantity demanded decreases, and the quantity supplied increases   C. falls, and the quantity demanded and quantity supplied both increase   D. falls, the quantity demanded increases, and the quantity supplied decreases

Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a. reduces the quantity demanded of the other good b. increases the demand for the other good. c. increases the quantity demanded of the other good d. reduces the demand for the other good

An increase in demand for burgers O results in a movement downward and to the right along a demand curve. O results in a movement upward and to the left along a demand curve. results in an increase in quantity demanded at every price. shifts the demand curve to the left.