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
Income effect states that as price of a good falls, demand rises because there is rises in
Money Income
Real Income
Relative price of other goods
Marginal Utility
The father of modern economics is :
Prof. Ragnar
Adam Smith
Kenneth Boulding
Prof.Walker
A complement is a good
Of lower quality than another
Used in conjunction with another good
Used instead of another good
Of higher quality than another
Change in the demand of apples due to increase in the price is ________ of demand.
Contraction
Extension
Increase
Decrease
A decline in the price of a good cause producers to reduce the quantity of the good they are willing to produce. This fact illustrates.
The law of demand
The law of supply
A change in supply
The nature of an inferior good
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
Increase in the price of ink will ________ the demand of pen.
Keep constant
No effect
The law of demand implies that demand curves
Slope Up
Slope Down
Shift up whenever the price rises
Shift down whenever the price rises
Most goods
Are complement to each other
Are normal goods
Have vertical demand curves
Have vertical supply curves
