Refer to the above figure. A movement from Point A to Point B is caused by
A. a decrease in the price of the good in that figure.
B. an increase in income.
C. an expectation of a decrease in the price of the good in that figure.
D. all of these.
Answer: A
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If the price of propane-fueled gas grills was to decrease, then
A) the quantity of propane demanded would decrease. B) the demand for propane would increase. C) the quantity of propane demanded would increase. D) the demand for propane would decrease.
Which of the following will cause, other things being equal, a movement along the supply curve for LED televisions?
A) an improvement in the technology of producing LED televisions B) an increase in resource costs for producing LED televisions C) a reduction in the price of LED televisions D) an expectation that the price of LED televisions will be lower in the future
The industrial North wanted the _______ to buy their goods rather than import goods from ________ so they erected ____________ tariffs.
Fill in the blank(s) with the appropriate word(s).
Suppose demand decreases and supply increases. Which of the following will happen?
a. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will decrease. b. Equilibrium price will rise, fall, or stay the same while equilibrium quantity will increase. c. Equilibrium quantity will rise, fall, or stay the same and equilibrium price will increase. d. Equilibrium quantity will rise, fall, or stay the same while equilibrium price will decrease. e. The change in equilibrium price and quantity cannot be determined.