Competency 4 OA Review C211 Econ

<p>Reduce their consumption of olives. (C)</p> Signup and view all the answers

<p>Consumers purchase fewer olives. (A)</p> Signup and view all the answers

<p>Consumer income is unaffected by the demand for a single good. (C)</p> Signup and view all the answers

<p>Surplus of olives may occur. (A)</p> Signup and view all the answers

<p>Law of demand. (A)</p> Signup and view all the answers

<p>An increase in the price of pretzels. (C)</p> Signup and view all the answers

<p>A health warning leading to decreased consumption. (B)</p> Signup and view all the answers

<p>Consumers are willing to purchase more potato chips at each price level. (D)</p> Signup and view all the answers

<p>An increase in consumer preferences for healthier snacks. (A)</p> Signup and view all the answers

<p>A decrease in the demand for potato chips. (A)</p> Signup and view all the answers

<p>Decrease the demand for potato chips. (C)</p> Signup and view all the answers

<p>Demand increases significantly. (A)</p> Signup and view all the answers

<p>A report linking potato chips to heart disease. (B)</p> Signup and view all the answers

<p>(Q, P) (D)</p> Signup and view all the answers

<p>an increase in price (C)</p> Signup and view all the answers

<p>A straight line descending from left to right (D)</p> Signup and view all the answers

<p>It has lower quantity and higher price than Point B. (C)</p> Signup and view all the answers

<p>It would shift the curve to the right. (C)</p> Signup and view all the answers

<p>Point B (B)</p> Signup and view all the answers

<p>At (0, maximum price) (D)</p> Signup and view all the answers

<p>Quantity demanded decreases. (A)</p> Signup and view all the answers

<p>Surplus of 400 units (D)</p> Signup and view all the answers

<p>30 units (C)</p> Signup and view all the answers

<p>20 units (C)</p> Signup and view all the answers

<p>(400, 25) (B)</p> Signup and view all the answers

<p>30 units (A)</p> Signup and view all the answers

<p>25 units (D)</p> Signup and view all the answers

<p>Supply exceeds demand at that price (D)</p> Signup and view all the answers

<p>Surplus becomes a shortage (A)</p> Signup and view all the answers

<p>They decrease and the money supply eventually decreases. (D)</p> Signup and view all the answers

<p>Decrease the money supply, which will reduce interest rates. (D)</p> Signup and view all the answers

<p>More currency holding can decrease the money supply. (A)</p> Signup and view all the answers

<p>The amount sellers are willing and able to sell (D)</p> Signup and view all the answers

<p>Interest rates increase. (D)</p> Signup and view all the answers

<p>Sellers need to be both willing and able to sell products (A)</p> Signup and view all the answers

<p>Higher deposits from the public. (C)</p> Signup and view all the answers

<p>Borrowing costs for consumers will rise. (D)</p> Signup and view all the answers

<p>Knowledge of buyer preferences (D)</p> Signup and view all the answers

<p>Bank loans will decrease due to fewer deposits. (A)</p> Signup and view all the answers

<p>Sellers must be able to produce the goods they wish to sell (D)</p> Signup and view all the answers

<p>Increased willingness to sell typically raises the supply available. (C)</p> Signup and view all the answers

<p>Strengthening of the domestic currency. (A)</p> Signup and view all the answers

<p>Quantity supplied decreases (C)</p> Signup and view all the answers

<p>Both willingness and production capacity of sellers (C)</p> Signup and view all the answers

<p>The sellers' ability to meet production needs (D)</p> Signup and view all the answers

A shift from demand curve Da to Db in the potato chip market, indicates a change in demand, not a change in quantity demanded.

An announcement by the FDA that potato chips cause cancer shifts the demand curve.

An influence on the demand for potato chips, as an increase in the price of a substitute product (pretzels) potentially increases the demand for potato chips.

A decrease in income leads to a decrease in demand if potato chips are considered a normal good.

Factors that cause aggregate demand to move from left to right, reflecting an increasing demand for all goods and services in an economy.

Goods consumers see as alternatives to one another. If the price of one good rises, the demand for its substitute typically increases.

If consumer income increases, they often purchase more of these goods.

A graphical representation showing the relationship between the price of a good and the quantity demanded.

The number of people buying olives goes down.

When consumer income decreases, and olives are a normal good, demand for olives falls.

The price of olives rises.

Factors that affect how much of a product buyers want.

The amount charged for a unit of olives.

The total amount of olives that buyers are willing and able to purchase at given prices.

Things like income and prices affect demand for goods like olives.

At a price of $35, the quantity supplied exceeds the quantity demanded, creating a surplus.

The excess of quantity supplied over quantity demanded at a given price.

A graph showing the relationship between the price of a good and the quantity supplied.

The price at which the quantity demanded equals the quantity supplied.

The amount of a good that consumers are willing and able to purchase at a particular price.

The amount of a good that producers are willing and able to sell at a particular price.

The state where the amount supplied equals the the amount demanded.

A movement along a demand curve, from point A to point B, is caused by a change in price, not a shift in the entire demand curve.

A point on the demand curve, representing a specific price (P) and quantity demanded(Q).

A point on the demand curve, representing a different price (P prime) and quantity demanded(Q prime) than Point A.

A change in the market price of a good or service.

A change in the quantity demanded of a good or service caused by a change in price, while other factors remain constant.

A change in the consumer's income, which causes a shift of the entire demand curve, not a movement along it.

Bank reserves decrease, but the money supply may not change immediately.

If the public holds more currency, banks have fewer reserves to lend out.

Foreign trade increases, impacting domestic output.

Fed can decrease the money supply, potentially decreasing interest rates, to manage economic output fluctuations.

A reduction in funds held by banks for transactions and reserves.

A decrease in the total amount of money circulating in an economy.

Central bank reduces the money supply in circulation through various actions, such as selling government securities.

The desire of sellers to offer a good at a specific price.

The capability of sellers to produce a good, considering resources, cost.and technology.

The amount of a good sellers are willing and able to offer at a given price.

Buyer's financial resources to purchase a good.

Buyer's desire to purchase a good at a specific price.

The act of making goods.

The amount of money exchanged for a good or service.