Chapter 2: Markets Flashcards
1
Q
A change in which of the following will not shift the demand curve for hamburgers?
A
The price of hamburgers
2
Q
Movie tickets and DVDs are substitutes. If the price of DVDs increases, what happens in the market for movie tickets?
A
The demand curve shifts to the right
3
Q
The discovery of a large new reserve of crude oil will shift the ________ curve for gasoline, leading to a ________ equilibrium price.
A
supply; lower
4
Q
If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?
A
Prices and quantities both rise
5
Q
Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold?
A
An increase in the price of grapes, an input to jelly
