If the price of a good changes but everything else influencing suppliers planned sales remains constant , there is a
New supply curve
Movement along the old demand curve
Movement along the supply curve
Rotation of the old supply curve around the old price
Increase in the demand for wages due to industrial development is an example of
Income demand
Cross demand
Derived demand
Competitive demand
What kind of relationship exist between income and demand of inferior good?
Direct
Inverse
No effect
Can be direct or inverse
A drop in the price of compact discs shifts the demand for prerecorded tapes leftward. From that you know compact discs and prerecorded tapes are:
Complements
Substitutes
Inferior Goods
Normal Goods
Change in the demand due to increase in the income of the consumers is known as ________ of demand.
Decrease
Increase
Extension
Contraction
Which of the following will shift the supply curve for good X left ward?
A situation in which quantity demanded exceeds quantity supplied
An increase in the cost of machinery used to produce X
A technological improvement in the production X
A decrease in the wages of workers employed to produce X
Each point on the demand curve reflects
All the wants of a given household
The highest price consumers are willing to pay for an additional unit of a good
The highest price sellers will accept for all units over time
The lowest cost technology available to produce a good
As consumer has more and more units of a goods, its marginal utility to him
Rises
Is zero
Declines
Is maximum
Change in the demand of apples due to increase in the price is ________ of demand.
Increase in the price of ink will ________ the demand of pen.
Keep constant
