- What impact will a future sale on computers have on the demand for computers today?
A. Shifts the supply curve to the left
B. Shifts the demand curve to the right
C. Shifts the supply curve to the right
D. No effect on demand
E. Shifts the demand curve to the left
What happens to a product’s price if a close substitute is developed?
A. The price rises.
B. There is no change in price.
C. The price of the substitute product rises.
D. The price falls.
E. None of the above.
Which one of the following may have caused an increase in demand for oranges?
A. An increase in price
B. A decrease in price
C. A decrease in the price of grapes
D. An increase in the price of grapes
E. No change in the price of apple juice- Which one of the following may have caused an increase in supply for surfboards?
A. A fiberglass shortage
B. Cheaper surfboards
C. An increase in price for surfboards
D. A decrease in price for surfboards
E. An increase in minimum wage for workers- If supply and demand both increase, what will happen?
A. Prices will rise, and quantity will fall.
B. Prices will remain unchanged, and quantity will rise.
C. Prices will fall, and quantity will fall.
D. Prices and quantity will both rise.
E. Quantity will fall, and prices will remain unchanged.- Which one of the following best illustrates a determinant of supply?
A. A new machine has been developed to increase the production of oil.
B. Firms profits increase by 25 percent.
C. Consumer spending falls by 50 percent.
D. Consumers prefer apples over oranges.
E. Average consumer income rises by 10 percent.Supply and Demand