Microeconomics chp 4

The demand for a good or service is determined by O A those who buy the good or service. O B the government. O C the producers who create the good or service. O D those who supply the raw materials used in the production of the good or service. Each of the following is a determinant of demand except O A tastes. O B technology. O C expectations O D the prices of related goods. If Francis experien es a decrease in his income, we would expect that, as a result. Francis's demand for O A each good he purchases will re O B normal goods will decrease. O C luxury goods wil increase. O D inferior goods will deare 4 Alyssa rents 5 movies per month when the price is $3.00 per rental and 7 movies per month when the price is $2.50 per rental. Alyssa's demand demonstrates the law of O A price. O B supply. O C demand. O D expectations. 5 A downward-sloping demand curve illustrates the O A relationship between umers' income and their willingness to purchase the good in question, provided the good is inferior. O B negative relationship betwe on quantity demanded and quantity supplied. O C idea that the more of one good that a consumer buys, the less income she has to spend on other goods. O D law of demand. Other things equal, when the price of a good rises, the O A quantity demanded of the good O B supply increases. O C quantity supplied of the good increases. O D demand curve shifts to the left The supply schedule is a table that shows the relationship between O A price and quantity supplied. O B input costs and quantity supplied. O C quantity demanded and quantity supplied. O D price and profit. 8 The positive relationship between price and quantity supplied is called O B a change in supply. O C a shift of the supply curve. O D the law of supply. A decrease in the number of sellers in the market causes O A the supply curve to shift to the left. O B the supply curve to shift to the right. O C a movement up and to the right along a st stationary supply curve. OD am e left along a stationary supply curve. 10 [4820) A dress manufacturer recently has come to expect higher prices for dresses in the near future. We would expect O A the dress manu supplying previo O B the dress manufacturer O C the de esses to fall. OD urer's current supply; instead, future supply will be affected