Market Forces of Supply and Demand: Supply Curve Shifters
17 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

    <p>Amount that sellers are willing and able to sell</p> Signup and view all the answers

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

    <p>Relationship between price and quantity supplied</p> Signup and view all the answers

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

    <p>Shifts the demand curve to the right</p> Signup and view all the answers

    How does an increase in income impact the demand curve?

    <p>Shifts the supply curve to the right</p> Signup and view all the answers

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

    <p>Shifts the D curve</p> Signup and view all the answers

    What variable causes a movement along the demand curve?

    <p>Price</p> Signup and view all the answers

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

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

    What does the supply schedule show?

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

    How do changes in income impact the demand curve?

    <p>Shifts the D curve</p> Signup and view all the answers

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

    <p>Shifts the D curve</p> Signup and view all the answers

    How does a change in tastes influence the demand curve?

    <p>Shifts the D curve</p> Signup and view all the answers

    What effect do expectations have on the demand curve?

    <p>Shifts the D curve</p> Signup and view all the answers

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

    <p>Quantity supplied of a good rises when the price of the good rises</p> Signup and view all the answers

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

    <p>It affects both the equilibrium price and quantity</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser