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Terms in this set (10)
A movement upward and to the left along a demand curve is called a(n)
decrease in quantity demanded.
Which of the following demonstrates the law of demand?
Dave buys more donuts at $0.25 per donut than at $0.50 per
donut,
other things equal.
Which of the following would shift the demand curve for gasoline to the right?
an increase in consumer income, assuming gasoline is a normal good
If American cheese and cheddar cheese are substitutes, then which of the following would increase the
demand for cheddar cheese?
an increase in the price of American cheese
Refer to Figure 4-20. Which of the following movements would illustrate the effect in the
market for paper napkins as a result of a "Go Green" advertising campaign encouraging people to use cloth
napkins?
Point C to Point B
Which of the following events must result in a higher price in the market for Snickers?
Demand for Snickers increases, and supply of Snickers decreases
What would happen to the equilibrium price and quantity of lattés if consumers' incomes rise and lattés are
a normal good?
Both the equilibrium price and quantity would increase.
Refer to Figure 4-18. All else equal, buyers expecting turkey to be more expensive in the
future
would cause a current move from
DB to DA.
If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and
quantity of lattés if the price of cappuccinos rises?
Both the equilibrium price and quantity would increase.
Suppose that consumer preference for apples increases (one a day does
keep the doctor away) while, at the
same time, workers in the apple industry receive wage increases. Everything else held constant, the
equilibrium price of apples will_____ and the equilibrium quantity of apples transacted will_____.
increase; be ambiguous
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