# Microeconomics Ch. 3

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question
If the Apple iPhone and the Samsung Galaxy are considered substitutes, then, other things equal, an increase in the price of the iPhone will A) decrease the demand for the iPhone. B) increase the demand for the Galaxy. C) increase the quantity demanded for the Galaxy. D) increase the quantity demanded for the iPhone.
B) increase the demand for the Galaxy.
question
What is the difference between an "increase in demand" and an "increase in quantity demanded"? A) There is no difference between the two terms; they both refer to a shift of the demand curve. B) An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve. C) There is no difference between the two terms; they both refer to a movement downward along a given demand curve. D) An "increase in demand" is represented by a movement along a given demand curve, while an "increase in quantity demanded" is represented by a rightward shift of the demand curve.
B) An "increase in demand" is represented by a rightward shift of the demand curve while an "increase in quantity demanded" is represented by a movement along a given demand curve.
question
The demand by all the consumers of a given good or service is the ________ for the good or service. A) market demand B) quantity demanded C) law of demand D) scheduled demand
A) market demand
question
If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as A) a decrease in demand. B) a decrease in quantity demanded. C) a change in consumer income. D) a decrease in consumers' taste for chocolate.
B) a decrease in quantity demanded.
question
The law of demand implies, holding everything else constant, that A) as the price of bagels increases, the quantity of bagels demanded will decrease. B) as the price of bagels increases, the demand for bagels will decrease. C) as the price of bagels increases, the quantity of bagels demanded will increase. D) as the price of bagels increases, the demand for bagels will increase.
A) as the price of bagels increases, the quantity of bagels demanded will decrease.
question
If a demand curve shifts to the right, then A) demand has increased. B) quantity demanded has increased. C) demand has decreased D) quantity demanded has decreased.
A) demand has increased.
question
If a demand curve shifts to the left, then A) demand has increased. B) quantity demanded has increased. C) demand has decreased. D) quantity demanded has decreased.
C) demand has decreased.
question
Holding everything else constant, an increase in the price of MP3 players will result in A) a decrease in the quantity of MP3 players supplied. B) a decrease in the demand for MP3 players. C) an increase in the supply of MP3 players. D) a decrease in the quantity of MP3 players demanded.
D) a decrease in the quantity of MP3 players demanded.
question
A change in all of the following variables will change the market demand for a product except A) the price of the product. B) population and demographics. C) income. D) tastes.
A) the price of the product.
question
If the price of music downloads was to decrease, then A) the demand for MP3 players would decrease. B) the demand for MP3 players would increase. C) the supply of MP3 players would increase. D) the quantity demanded of MP3 players would decrease.
B) the demand for MP3 players would increase.
question
Suppose that when the price of hamburgers decreases, the Landry family decreases their purchases of chicken nuggets. To the Landry family A) hamburgers and chicken nuggets are complements. B) hamburgers and chicken nuggets are inferior goods. C) hamburgers and chicken nuggets are normal goods. D) hamburgers and chicken nuggets are substitutes.
D) hamburgers and chicken nuggets are substitutes.
question
Suppose that when the price of strawberries decreases, Simone increases her purchase of whipped cream. To Simone A) strawberries and whipped cream are complements. B) strawberries and whipped cream and substitutes. C) strawberries and whipped cream are normal goods. D) strawberries are a normal good and whipped cream is an inferior good.
A) strawberries and whipped cream are complements.
question
A supply schedule A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. C) is the relationship between the supply of a good and the cost of producing the good. D) is a table that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.
A) is a table that shows the relationship between the price of a product and the quantity of the product supplied.
question
If in the market for peaches, the supply curve has shifted to the left A) the supply of peaches has increased. B) the supply of peaches has decreased. C) the quantity of peaches supplied has increased. D) the quantity of peaches supplied has decreased.
B) the supply of peaches has decreased.
question
If, in the market for oranges, the supply has increased then A) the supply curve for oranges has shifted to the right. B) the supply curve for oranges has shifted to the left. C) there has been a movement upwards along the supply curve for oranges. D) there has been a movement downwards along the supply curve for oranges.
A) the supply curve for oranges has shifted to the right.
question
Last year, the Pottery Palace supplied 8,000 ceramic pots at \$40 each. This year, the company supplied the same quantity of ceramic pots at \$55 each. Based on this evidence, The Pottery Palace has experienced A) a decrease in supply. B) an increase in supply. C) an increase in the quantity supplied. D) a decrease in the quantity supplied.