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14 Cards in this Set
- Front
- Back
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If the Apple iPad and the Samsung Galaxy Tab are considered substitutes, the, other things equal, an increase in the price of the iPad will...
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increase the demand for the Galaxy Tab
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The difference between an "increase in supply" & an "increase in quantity supplied" is...
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"Increase in supply" means the supply curve has shifted to the right while an "increase in quantity supplied" refers to a movement along a given supply curve in response to an increase in price.
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If in the market for peaches, the supply curve has shifted to the left,
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the supply of peaches has decreased
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If, in the market for oranges, the supply has increased then
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the supply curve for oranges has shifted to the right
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
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the price of the good changes
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The popularity of digital cameras has enticed large discount stores like Wal-Mart and Costco to offer digital photo printing services. How does this affect the digital photo printing market?
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The supply curve for digital photo printing services shifts to the right
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Ranchers can raise either cattle or sheep on their land. Which of the following would cause the supply of sheep to increase?
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a decrease in the price of cattle
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What would shift the supply curve for MP3 players to the right?
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a decrease in the price of an input used to produce MP3 players
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If a firm expects that the price of its products will be higher in the future than it is today...
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the firm has incentive to decrease supply now and increase supply in the future.
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A decrease in the price of GPS systems will result in...
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a smaller quantity of GPS systems supplied
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What is the correct way to describe equilibrium in a market?
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At equilibrium, quantity demanded equals quantity supplied.
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At a product's equilibrium price...
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the product's demand curve crosses the product's supply curve
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In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market. At the pre-hurricane equilibrium price, we would expect to see...
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a shortage of oranges
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If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until...
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quantity demanded equals quantity supplied. The market price will then equal the equilibrium price
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