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14 Cards in this Set
- Front
- Back
If the Apple iPad and the Samsung Galaxy Tab are considered substitutes, the, other things equal, an increase in the price of the iPad will... | increase the demand for the Galaxy Tab | |
The difference between an "increase in supply" & an "increase in quantity supplied" is... | "Increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price. | |
If in the market for peaches, the supply curve has shifted to the left, | the supply of peaches has decreased | |
If, in the market for oranges, the supply has increased then | the supply curve for oranges has shifted to the right | |
One would speak of a change in the quantity of a good supplied, rather than a change in supply, if | the price of the good changes | |
The popularity of digital cameras has enticed large discount stores like Wal-Mart and Costco to offer digital photo printing services. How does this affect the digital photo printing market? | The supply curve for digital photo printing services shifts to the right | |
Ranchers can raise either cattle or sheep on their land. Which of the following would cause the supply of sheep to increase? | a decrease in the price of cattle | |
What would shift the supply curve for MP3 players to the right? | a decrease in the price of an input used to produce MP3 players | |
If a firm expects that the price of its products will be higher in the future than it is today... | the firm has incentive to decrease supply now and increase supply in the future. | |
A decrease in the price of GPS systems will result in... | a smaller quantity of GPS systems supplied | |
What is the correct way to describe equilibrium in a market? | At equilibrium, quantity demanded equals quantity supplied. | |
At a product's equilibrium price... | the product's demand curve crosses the product's supply curve | |
In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market. At the pre-hurricane equilibrium price, we would expect to see... | a shortage of oranges | |
If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until... | quantity demanded equals quantity supplied. The market price will then equal the equilibrium price |
10) Which of the following would shift the supply curve for MP3 players to theleft?A) a decrease in consumer tastes for MP3 playersB) an increase in the productivity of the workers who produce MP3 playersC) an increase in the number of firms that produce MP3 playersD) an increase in the price of an input used to produce MP3 players
11) An increase in the price of off-road vehicles will result in
12) One would speak of a movement along a supply curve for a good, ratherthan a change in supply, if
13) Let D = demand, S = supply, P = equilibrium price, Q= equilibrium quantity.What happens in the market for tropical hardwood trees if the governmentsrestrict the amount of forest lands that can be logged?
14) If the United States placed an embargo on Swedish products, what wouldhappen in the U.S. market for Swedish furniture?A) The demand curve would shift to the right.B) The demand curve would shift to the left.C) The supply curve would shift to the left.D) The supply curve would shift to the right.