Competency 4 OA Review C211 Econ

What happens to the demand for olives when the price rises?

Which statement best describes olives as a normal good?

If the number of people purchasing olives decreases, what could be a likely reason?

If olive prices are rising, what might consumers do?

How does an increase in the price of olives affect consumer purchasing behavior?

What might happen to consumer income if the demand for olives decreases?

What occurs in the market when the price of olives rises?

If the number of olive purchasers decreases due to increased prices, what economic concept does this illustrate?

What could cause the shift from demand curve Da to Db in the market for potato chips?

Which factor would likely not cause a rightward shift in the demand for potato chips?

If the demand for potato chips shifts from Da to Db, what is likely true?

Which of the following would most likely lead to a leftward shift in the demand curve for potato chips?

What would result from an increase in the price of a complementary good to potato chips?

How would a sudden decrease in consumer income affect the demand for potato chips, assuming they are a normal good?

If potato chips are considered a luxury good, what happens when prices decrease?

Which event most directly impacts the demand for potato chips by making them less desirable?

What is the coordination for Point A on the demand curve?

What causes the movement from Point A to Point B on the graph?

Which of the following best describes the demand curve depicted in Figure 4-1?

If Point B has coordinates (Q prime, P prime), what can we infer about Point A?

What effect would an increase in consumer income likely have on the demand curve?

Which point represents a higher quantity demanded at a lower price?

At which point does the demand curve reach maximum price?

What happens to quantity demanded when price increases, according to the law of demand?

At a price of $35, what is the resulting market situation?

What quantity would consumers demand at a price of $20 according to the demand curve?

What quantity would suppliers provide at a price of $15?

Where do the demand and supply curves intersect in Figure 4-7?

At a price of $30, what is the quantity supplied according to the supply curve?

How many units would buyers desire at a price of $25 based on the demand curve?

What does a surplus indicate about the relationship between supply and demand at a given price?

If the price decreases from $35 to $20, what happens to the surplus?

What happens to bank reserves if the public holds more currency and fewer deposits in banks?

If the Federal Reserve wants to stabilize output after a large increase in net exports, what action could it take regarding the money supply?

Which of the following best describes the relationship between currency holding and money supply?

What does the quantity supplied of a good represent?

What is the expected effect on interest rates when the Federal Reserve decreases the money supply?

Which statement accurately describes the role of sellers in determining the quantity supplied?

Which scenario would cause bank reserves to increase?

If the money supply decreases, which of the following is most likely to happen?

Which of the following factors is NOT needed for sellers to supply a product?

When the public decides to hold more cash, which is true about bank loans?

What is a key characteristic of sellers related to quantity supplied?

How does the willingness of sellers influence the market supply?

What could be a potential long-term effect of persistent high net exports?

If sellers are not able to produce enough goods, how does it affect quantity supplied?

Which of the following is a condition that must be met for supply to be effectively realized?

When analyzing supply, what aspect must always be linked to seller behavior?