Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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- Fill in the blanks using the number that corresponds to the correct word or phrase in the word bank 1. normal good 2. an increase 3. left 4. movement along 5. a decrease 6. demand shifter 7. right 8. inferior 9. shift 10. change in price A change in preferences that makes one good or service more popular will shift the demand curve to the A change that makes it less popular will shift the demand curve to the When the price of dunking doughnuts reduces, the demand curve for their coffee will shift If price of tea decreases, then the demand curve for coffee will shift For complement goods a decrease in price of one good leads to in the demand for another while for substitutes a reduction in price of one good leads to in the demand for the other. If the price of Tennis rackets falls the demand curve for tennis balls will shift If the price of Burger King reduces the demand curve for McDonalds will shift A good for which demand increases when income increases is called a good. A good for…arrow_forwardDraw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to their cows that make them grow twice as large, what happens to the supply or demand of cheeseburgers? Why?arrow_forwardWhat happens in the market for beach towels,now that the season is over? Graph and explainarrow_forward
- 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.arrow_forwardA taco hut is trying to determine its demand if it changes it's price. In 2019, they sold tacos for 1.00 and sold 6,000. In 2020, they increase the price of tacos to 1.50 and demand dropped to 5,500. In 2021, the owners of the taco hut want to increase taco price to 2.00 dollars. What would demand be for 2021? What if they lowered the price to .50, how much would demand be?arrow_forwardWe can find the market supply for phones by: a. multiplying the number of sellers by the number of phones each is willing to sell. b. adding the individual supply curves for phones.c. adding all of the prices at which sellers are willing to sell phones. d. adding the number of phones buyers want to buy at each price level.arrow_forward
- What is a "normal" good? Select one: a. a good for which demand varies inversely with household income b. a good for which demand does not vary with household income c. a good for which demand varies directly with household income d. a good that normal people consume e. a good that everyone normally consumesarrow_forwardWhich of the following is most likely an inferior good? Select one: a.an airline ticket b.gasoline c.an antique car d.a bus ticketarrow_forwardPlease no written by hand If the price of gasoline increased, what might you expect to happen? Select one: a. People would increase their use of public transportation. b. All of these are likely to happen. c. Demand for ethanol and alternative fuels would increase. d. People would reduce the amount of driving they did.arrow_forward
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