Exam 3: Part 1: Market Demand and Supply

In economics,the demand for a good refers to the amount of the good people:

Which of the following will not shift the demand curve for televisions?

The price of a good will fall if:

Exhibit 3-3 Demand curves -Which of the graphs in Exhibit 3-3 depicts the effect of an increase in income on the demand for pork and beans (an inferior good)?

A demand curve:

If two goods are complementary,a(n):

Under the law of supply,any decrease in price will cause ____ in quantity supplied.

An increase in the demand for a good means that:

Assuming that wheat and corn can both be grown on the same type of land,a decrease in the price of corn,other things being equal,will cause a(n):

The law of demand is graphically demonstrated by a(n):

The horizontal summation of individual demand curves gives:

Compared to higher-income families,low-income families would demand proportionately more of which of the following kinds of goods?

For a normal good,an increase in consumer income will cause the market demand for the product to:

Two goods,X and Y,are complementary goods if the demand for X:

If the current market price is above the equilibrium price,then:

Suppose that X and Y are substitute goods.If the price of good X increases,we can expect:

Which of the following goods are most likely to be substitutes?

An increase in the demand for a product means that the:

If more people enter medical school,we can expect:

The law of demand shows that: