Question : 61) The phrase “demand has decreased” means that A) a : 1387366

 

 

61) The phrase “demand has decreased” means that

A) a demand curve has shifted to the left.

B) there has been an upward movement along a demand curve.

C) there has been a downward movement along a demand curve.

D) a demand curve has shifted to the right.

 

 

62) Holding everything else constant, a decrease in the price of bicycles will result in

A) a decrease in the quantity of bicycles demanded.

B) an increase in the demand for bicycles.

C) a decrease in the supply of bicycles.

D) an increase in the quantity of bicycles demanded.

 

 

63) A change in which variable will change the market demand for a product?

A) the price of the product

B) population

C) technology

D) the prices of substitutes in production

 

Table 3-2

 

Caviar

Price per oz.

(dollars)

Ari’s

Quantity Demanded (oz.)

Sonia’s

Quantity Demanded (oz.)

Rest of Market

Quantity

Demanded (oz.)

Market

Quantity Demanded (oz.)

$75

   6

    0

    46

 

65

18

    6

    64

 

55

28

  14

136

 

45

36

  24

170

 

35

44

36

220

 

 

64) Refer to Table 3-2.  The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. At a price of $55, the quantity demanded in the market would be

A) 42 oz.

B) 136 oz.

C) 178 oz.

D) 233 oz.

 

 

65) Refer to Table 3-2.  The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. At a price of $75, the quantity demanded in the market would be

A) 6 oz.

B) 46 oz.

C) 52 oz.

D) 127 oz.

 

66) Refer to Table 3-2.  The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar rises from $65 to $75, the market quantity demanded would

A) decrease by 36 oz.

B) increase by 52 oz.

C) increase by 36 oz.

D) decrease by 52 oz.

 

 

67) Refer to Table 3-2.  The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar falls from $45 to $35, the market quantity demanded would

A) decrease by 50 oz.

B) increase by 70 oz.

C) increase by 50 oz.

D) decrease by 70 oz.

 

 

68) If a decrease in income leads to in a decrease in the demand for mac and cheese, then mac and cheese is

A) a normal good.

B) a neutral good.

C) a complement.

D) a necessity.

 

69) If a decrease in income leads to an increase in the demand for sardines, then sardines are

A) an inferior good.

B) a neutral good.

C) a necessity.

D) a normal good.

 

 

70) If the price of refillable butane lighters was to decrease, then

A) the demand for butane would decrease.

B) the demand for butane would increase.

C) the quantity of butane demanded would increase.

D) the quantity of butane demanded would decrease.