Exam 2: Supply and Demand

The increase in technology used to produce a good would

An increase in household income for a good that is considered inferior would

The amount consumers are willing and able to buy at a particular price during a specified period of time is the

The substitution effect suggests that

The amount of money that must be paid per unit of output is called the

If the number of sellers increases, the

If two goods are considered complements and the price of one decreases then the other good's

If people consume fewer bottles of orange juice as their income rises, orange juice is

If there is an expectation that the price of a good will increase in the next month this would immediately

-In Figure 2.1, Box 5 would be labeled

-From Table 2.1, which column is likely to be the one for quantity supplied?

The mechanism by which buyers and sellers negotiate an exchange is called a/an

If technology increases then

-In Figure 2.1, a "q/t" for quantity per unit time price would go in

If a tax (paid by consumers)is levied on a good this would

If demand increases and the price doesn't change, there will be a

An increase in the subsidy paid to producers of tobacco

If two goods are considered substitutes and the price of one decreases, the other good's

The decrease in the price of a good that is another potential output for another good, would (for the second good)

If you are grocery shopping and you see that the price of beef has risen and as a result you change your planned menu for the week and buy chicken instead, the reason your demand curve for beef is downward sloping has mostly to do with