# Demand/Supply/Equilibrium

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question
If the Apple iPad and Galaxy tab are substitutes, then, other things equal, an increase in the price of the iPad will
Increase demand for the Galaxy tab
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What is the difference between increase in demand and increase in quantity demanded
An increase in demand is a rightward shift of the curve while increase in quantity demanded is a movement along the curve
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The demand by all the consumers of a given good or service is the ___ for the good or service
Market demand
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If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases, economists would describe this as
Decrease in quantity demanded
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By drawing the demand curve with ___ on the vertical axis and ___ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ___
Price ; quantity ; price
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If a demand curve shifts to the right then
Demand has increased
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Holding everything else constant, an increase in the price of MP3 players would result in
A decrease in the quantity of MP3 players demanded
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A change in all of the following variables will change the market demand for the product except the
Price
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Which of the following will shift the demand curve for a goid
Decrease in the price of a complementary good
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A movement along the demand curve for toothpaste would be caused by
A change in the price of toothpaste
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If an increase in income leads to an increase in demand for peanut butter then peanut butter is a
Normal good
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If an increase in income leads to a decrease in the demand for popcorn then popcorn is an
Inferior good
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The Internet has created a new category in the book selling market called "barely used" how does the availability of barely used books affect the market for new books
The demand curve for new books shifts to the left
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Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are
Complements in consumption
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If in the market for peaches the supply curve has shifted to the left
The supply of peaches has decreased
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If in the market of oranges the supply has increased then
The supply curve has shifted to the right
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What is the difference between increase in supply and increase in quantity supplied
Increase in supply means the supply curve has shifted to the right while increase in quantity supplied refers to a movement along the curve in response to price
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One would speak of change in the quantity of a good supplied rather than a change in supply if
The price of the good changes
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The popularity of digital cameras has enticed large discount stores 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
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Ranchers can raise either sheep or cattle, which of the following would cause the supply of sheep to increase
Decrease in the price of cattle
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Which of the following would shift the supply curve for MP3 players to the right
Decrease in the price of an input used to produce them
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If a firm expects that the price of its product will be higher in the future than it is today then
The firm has an incentive to decrease supply now and increase supply in the future
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A decrease in the price of gps systems will result in
A smaller quantity of gps systems supplied
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Which of the following is the correct way to describe equilibrium in the market