Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 1MCQ
To determine
To select:
The correctthat states the effect of rise in price of a good.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Jane's budget line
A.
rotates outward if her budget increases and prices don't change
В.
shifts outward with no change in its slope if her budget increases and prices don't change
C.
shifts inward with no change in its slope if the price of one good rises and her budget doesn't change
D.
rotates inward if the prices of both goods double and her budget doesn't change
If goods A and B are substitutes, an increase in the price of good B
O increase the demand for good B and decrease the demand for good A.
O increase the demand for good A.
O decrease the demand for good A.
O decrease the demand for good B and increase the demand for good A.
Which of the following is the correct definition of demand schedule?
K
OA. the demand for a product by all the consumers in a given geographic area
B. a table that shows the relationship between the price of a product and the quantity of the product demanded
OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price
D. a curve that shows the relationship between the price of a product and the quantity of the product supplied
Which of the following is the correct definition of demand curve?
OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area
OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price
OD. a curve that shows the relationship between the price of a product and the quantity of the product demanded
Knowledge Booster
Similar questions
- Give one reason for decrease in supply of a goodarrow_forwardWhich one of the following is not a determinant of the quantity of a good that is demanded?A. The availability of the good.B. The price of the good.C. The income of consumers.D. The prices of substitutes.E. The prices of complements.arrow_forwardQUESTION 16 If frozen food is an inferior good then O an increase in income causes an increase in quantity demanded, shifts Supply curve to the right. B an increase in income causes an increase in quantity demanded, shifts Demand curve to the right. O an increase in income causes a decrease in quantity demanded, shifts Supply curve to the left. O an increase in income causes a decrease in quantity demanded, shifts Demand curve to the left.arrow_forward
- The demand for a good will change for a number of reasons but the quantity demanded for a good will change for one reason. Explain this statement.arrow_forwardWhich of the following demonstrates the law of demand? a. When car production technology improved, car producers increased their supply of cars b. When ketchup prices rose, buyers decreased their quantity demanded of ketchup c. When consumers expected sweater prices to rise in the near future, they decreased their current demand of sweaters d. When the price of leather belts rose, sellers increase their quantity supplied of leather beltsarrow_forwarda. A change in the price of bicycles will lead to a shift of the demand curve for bicycles. T F b. A change in the price of automobiles will lead to a shift of the demand curve for motorcycles We call this shift a change in demandT F A change in demand is equivalent to a movement along a given demand curve. T F d. When price of a good decreases, the quantity demanded increases. TFarrow_forward
- 1 i .The price for iPhones in Barbados has increased significantly. Demand for thecellular device has also increased. This is contrary to the law of demand. Doyou agree or disagree? Explain your answer ii.arrow_forwardWhat 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.arrow_forwardThe law of demand is an inverse relationship between the price and quantity demanded. Explain how the law of demand related to a recent two purchases that you had to make.arrow_forward
- * Question Completion Status: U. Ihe demand for ine good rises when income fanS C. the demand for the good rises when the price falls d. the demand for the good rises when income rises QUESTION 32 In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this? a. a rise in income, assuming that peanut butter is an inferior good b. a shift in preferences toward peanut butter C. a fall in the price of peanuts d. a rise in the price of peanuts QUESTION 33 If Cody's demand for grapefruit rises when the price of oranges rises, then for Cody a. Oranges are a complement for grapefruit Click Save and Submit to save and submit. Click Save All Answers to save all answers.arrow_forwardQUESTION 16 If frozen food is an inferior good then O an increase in income causes an increase in quantity demanded, shifts Supply curve to the right. O an increase in income causes an increase in quantity demanded, shifts Demand curve to the right. O an increase in income causes a decrease in quantity demanded, shifts Supply curve to the left. O an increase in income causes a decrease in quantity demanded, shifts Demand curve to the left.arrow_forwardWhich of the following would most likely increase the demand for peanut butter? a. the invention of a new product that consumers think is a good substitute for peanut butter b. crop failures that raise the price of peanuts c. the discovery that excessive consumption of peanut butter is harmful to one's health d. a decrease in the price of jelly, a good that is often used with peanut butterarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc