Assume that the economy is in a recession and consumers are expecting a fall in their income levels. This will cause a/an: Select one: A. decrease in the total quantity demanded of all goods. B. right shift in the market demand for all goods. C. increase in the total quantity supplied of all goods. D. left shift in the market demand for all goods.
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Assume that the economy is in a recession and consumers are expecting a fall in their income levels. This will cause a/an:
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- In the market for a normal good, an increase in income will cause an increase in _____, an increase in quantity _____, and a(n) _____ in price. A.) demand; supplied; increase B.) demand; supplied, decrease C.) supply; demanded; increase D.) supply; demanded; decreasea) an increase in supply. b) a decrease in quantity supplied. c) a decrease in supply. d) an increase in quantity supplied.If milk is a normal good, then a decrease in consumers’ income will definitely cause A a decrease in the demand for milk.B an increase in the demand for milk.C an increase in the supply of milk.D a decrease in the supply of milk.E an increase in the demand and supply of milk.
- The law of demand implies, holding everything else constant, that as the price of pizza Select one: A. decreases, the demand for pizza will increase. B. decreases, the quantity of pizza demanded will decrease. C. decreases, the demand for pizza remains unchanged. D. increases, the demand for pizza will increase. E. increases, the quantity of pizza demanded will decrease.For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand. i. a change in the price of a related good ii. a change in tastes iii. a change in the number of buyers iv. a change in price v. a change in consumer expectations vi. a change in incomeIncrease in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowers
- An advertising campaign that makes most people want to drink more milk results in the following A) the quantity demanded of milk increases. B) the price of milk falls to encourage people to drink more milk. C) the demand for milk is not affected. D) the demand for milk increases.When there is an increase in demand,A. the demand curve shifts to the right of the original demand curve.B. the demand curve rotates clockwise.C. the demand curve shifts to the left of the original demand curve.D. the demand curve rotates counterclockwise.E. a lower price has increased the amount of the good that consumers will buy.Assume that imitation gemstones (an inferior good) are a low-cost alternative to diamonds (a normal good). What happens when average incomes increase? A. The demand for diamonds increases, and the demand for imitation gemstones decreases. B. The demand for diamonds decreases, and the demand for imitation gemstones increases. C. The demand for both diamonds and imitation gemstones increases. D. The demand for both diamonds and imitation gemstones decreases.
- The law of demand implies that, other things being equal: Select one: a. as the demand for electronic games increases, the price of electronic games will fall. b. as the price of electronic games increases, the quantity of electronic games demanded will decrease. c. as the price of electronic games increases, the quantity of electronic games demanded will increase. d. as household incomes rise, the quantity of electronic games demanded will decrease.What will happen if the income of consumers rises? a. The quantity demanded of normal goods will increase and other things will decrease. b. The quantity demanded of normal goods remains the same and other things will decrease. c. The quantity demanded of normal goods will increase and other things remain the same. d. The quantity demanded of normal goods will decrease and other things remain the same.Assume that good Z is an inferior good for a consumer. If the consumer's income increases, thenA. the supply of good Z will increase.B. the supply of good Z will decrease.C. the demand of good Z will increase.D. the demand of good Z will decrease.