Question : 3.1   The Demand Side of the Market 1) The market for : 1267037

3.1   The Demand Side of the Market

1) The market for tablet computers has grown rapidly over the past few years, due in part to the overwhelming success of the Apple iPad. Following the successful launch of the iPad in 2010, companies such as Toshiba, Samsung, Dell, and Amazon have all introduced products to compete with the iPad. The tablet computers introduced to compete with the iPad would be considered

A) complements to the iPad.

B) substitutes for the iPad.

C) inferior goods compared to the iPad.

D) normal goods compared to the iPad.

2) If the Apple iPad and the Samsung Galaxy Tab are considered substitutes, then, other things equal, an increase in the price of the iPad will

A) decrease the demand for the iPad.

B) increase the demand for the Galaxy Tab.

C) increase the quantity demanded for the Galaxy Tab.

D) increase the quantity demanded for the iPad.

3) What is the difference between an “increase in demand” and an “increase in quantity demanded”?

A) There is no difference between the two terms; they both refer to a shift of the demand curve.

B) An “increase in demand” is represented by a rightward shift of the demand curve while an “increase in quantity demanded” is represented by a movement along a given demand curve.

C) There is no difference between the two terms; they both refer to a movement downward along a given demand curve.

D) An “increase in demand” is represented by a movement along a given demand curve, while an “increase in quantity demanded” is represented by a rightward shift of the demand curve.

4) The demand by all the consumers of a given good or service is the ________ for the good or service.

A) market demand

B) quantity demanded

C) law of demand

D) scheduled demand

5) If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases economists would describe this as

A) a decrease in demand.

B) a decrease in quantity demanded.

C) a change in consumer income.

D) a decrease in consumers’ taste for chocolate.

6) By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good.

A) quantity; price; quantity

B) price; quantity; quantity

C) price; quantity; price

D) quantity; price; price

7) The law of demand implies, holding everything else constant, that

A) as the price of bagels increases, the quantity of bagels demanded will decrease.

B) as the price of bagels increases, the demand for bagels will decrease.

C) as the price of bagels increases, the quantity of bagels demanded will increase.

D) as the price of bagels increases, the demand for bagels will increase.

8) If a demand curve shifts to the right, then

A) demand has increased.

B) quantity demanded has increased.

C) demand has decreased.

D) quantity demanded has decreased.

9) Holding everything else constant, an increase in the price of MP3 players will result in

A) a decrease in the quantity of MP3 players supplied.

B) a decrease in the demand for MP3 players.

C) an increase in the supply of MP3 players.

D) a decrease in the quantity of MP3 players demanded.

10) A change in all of the following variables will change the market demand for a product except

A) the price of the product.

B) population and demographics.

C) income.

D) tastes.