Question

test 3c oct 3, 2025 supply & demand name eduardo benitez per. _

1. which graph below only shows a “change in demand”?
2. the law of demand says: a decrease in price of a product will ______ the quantity of its demand.

a. decrease b. remain unchanged c. increase

1. an increase in the quantity of demand can only be due to one thing a change in the ____

a. number of buyers b. price c. number of producers

1. demand can change when:

a. technology improves b. resources become cheaper c. income increases for the buyers

1. what explains a complimentary good?

a. an item that routinely is thought of as going together with another item such as cowboy hats and cowboy boots
b. an item that has no relationship at all with another good such as pepper and cell phones
c. an item that replaces the need for something that is very similar such as a pen and a pencil

1. a complimentary good that is now on sale will oftentimes influence the demand of it compliment good by...

a. nobody wanting to buy the compliment b. more people wanting to buy the compliment
c. not influencing the compliment good at all

1. an increased desire for a substitute good will change the demand for its alternative good because:

a. the two goods are always bought together b. the price increase changes production
c. the people will buy more of the substitute than the alternative

1. what would happen if the taste and preference for a product increased:

a. the production will decline due to cheap resources
b. the demand for a good will increase so the curve will shift
c. the company would stop making that product due to a price floor

1. what reason for a “change in demand” is similar to a “change in supply”:

a. expectations b. resources c. income of buyers

1. a decrease in the price of a product will decrease the quantity of its supply because:

a. producers will want to make less of a product b. producers will want to make the same amount
c. producers will want to make more of a product

1. an increase in the quantity of supply can only be due to one thing and change in:

a. elasticity b. price c. related goods

1. the intersection of the demand and supply curves the market is called the:

a. equilibrium b. price floor c. price ceiling

Explanation:

1. A change in demand is represented by a shift of the demand - curve. In option A, the demand curve shifts, indicating a change in demand.
2. The law of demand states that there is an inverse relationship between price and quantity demanded. A decrease in price leads to an increase in quantity demanded.
3. An increase in the quantity of demand is a movement along the demand curve and is only due to a change in price.
4. Demand can change when factors such as income of buyers change. Technology and resource prices affect supply.
5. A complementary good is an item that is thought of as going together with another item.
6. If a complementary good is on sale, more people will want to buy the compliment.
7. An increased desire for a substitute good means people will buy more of the substitute and less of the alternative.
8. If the taste and preference for a product increase, the demand for the good will increase and the demand - curve will shift.
9. Expectations can cause a change in demand, similar to how resources can cause a change in supply.
10. A decrease in the price of a product will lead producers to want to make less of the product as it is less profitable.
11. An increase in the quantity of supply is a movement along the supply curve and is only due to a change in price.
12. The intersection of the demand and supply curves is called the equilibrium.

Answer:

1. A
2. C
3. B
4. C
5. A
6. B
7. C
8. B
9. A
10. A
11. B
12. A