Market Forces of Supply and Demand: Supply Curve Shifters

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What happens when the price of a good rises, according to the law of supply?

Tastes of consumers change

Quantity supplied of the good falls (correct)

Demand for the good increases

Number of buyers decreases

How does an increase in the number of buyers affect the demand curve?

Causes a movement along the demand curve

Shifts the demand curve to the right (correct)

Leads to excess supply

Shifts the supply curve to the left

Which variable causes a movement along the demand curve according to the text?

Income

Number of buyers

Expectations

Price of related goods (correct)

What is the quantity supplied of a good?

Amount that sellers are willing and able to sell Signup and view all the answers

In the context of supply, what does a supply schedule show?

Relationship between price and quantity supplied Signup and view all the answers

If buyers expect prices to fall in the future, how would this affect the demand curve?

Shifts the demand curve to the right Signup and view all the answers

How does an increase in income impact the demand curve?

Shifts the supply curve to the right Signup and view all the answers

How does a change in the number of buyers affect the demand curve?

Shifts the D curve Signup and view all the answers

What variable causes a movement along the demand curve?

Price Signup and view all the answers

Explain the Law of Supply in relation to the price of a good.

Quantity supplied of a good rises when the price of the good rises, other things equal Signup and view all the answers

What does the supply schedule show?

The relationship between the price of a good and the quantity supplied. Signup and view all the answers

How do changes in income impact the demand curve?

Shifts the D curve Signup and view all the answers

Explain how the price of related goods affects the demand curve.

Shifts the D curve Signup and view all the answers

How does a change in tastes influence the demand curve?

Shifts the D curve Signup and view all the answers

What effect do expectations have on the demand curve?

Shifts the D curve Signup and view all the answers

Describe the relationship between the price of a good and the quantity supplied.

Quantity supplied of a good rises when the price of the good rises Signup and view all the answers

How does the number of buyers affect the equilibrium price and quantity in a market?

It affects both the equilibrium price and quantity Signup and view all the answers

Market Forces of Supply and Demand: Supply Curve Shifters

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Questions and Answers

What happens when the price of a good rises, according to the law of supply?

How does an increase in the number of buyers affect the demand curve?

Which variable causes a movement along the demand curve according to the text?

What is the quantity supplied of a good?

In the context of supply, what does a supply schedule show?

If buyers expect prices to fall in the future, how would this affect the demand curve?

How does an increase in income impact the demand curve?

How does a change in the number of buyers affect the demand curve?

What variable causes a movement along the demand curve?

Explain the Law of Supply in relation to the price of a good.

What does the supply schedule show?

How do changes in income impact the demand curve?

Explain how the price of related goods affects the demand curve.

How does a change in tastes influence the demand curve?

What effect do expectations have on the demand curve?

Describe the relationship between the price of a good and the quantity supplied.

How does the number of buyers affect the equilibrium price and quantity in a market?

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