Economics 3

When an economist says that the demand for a product has increased, this means that:

When movie ticket prices increase, families tend to spend less time watching movies and more time at home watching videos instead. This best reflects:

If consumer incomes increase, the demand for product Y:

When drawing demand and supply curves, economists are assuming that the primary influence on production and purchasing decisions is:

An increase in crude oil prices ______________ at each price of gasoline.

A decrease in the price of a product will increase the amount of it demanded because:

"Because of unusually good growing conditions, the supply of strawberries has substantially increased." This statement indicates that:

If an increase in supply occurs when more is made available at each price. All else equal, the equilibrium price of strawberries will _______.

Goods X and Y are complements while goods X and Z are substitutes. If the supply of good X increases:

The increased supply of X will _______ its equilibrium price. This lower price ________ the demand for complementary good Y and ________ the demand for substitute good Z.

An improvement in production technology for a specific good will cause a(n):

The improved technology will _______________ of the product, thereby _______________ and _______________.