If shoes rise in price, the demand curve for shoes ( ) and the quantity of shoes demanded ( ).
A.shifts leftward; decreases
B.shifts leftward; does not change
C.does not shift; decreases
D.does not shift; does not change
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Which of the following lists has variables that all shift a good's demand curve?
A.price of the good, preferences, prices of substitution goods, income
B.income, preferences, number of buyers, price of complementary good
C.expectation of future price, price of the good, number of buyers, income
D.Both answers A and B are correct.
If a decrease in the price of gasoline increases the demand for large cars, then
A.gasoline and large cars are substitutes in consumption.
B.gasoline and large cars are complements in consumption.
C.gasoline is an inferior good.
D.large cars are an inferior good.
Which of the following shifts the supply curve for gasoline rightward?
A.a situation in which the quantity demanded exceeds the quantity supplied
B.an increase in the price of gasoline
C.a decrease in the price of a resource used to produce gasoline, such as crude oil
D.an increase in the demand for gas-guzzling, sport utility vehicles
The wage rate paid by Walkman producers falls and at the same time the price of raw materials used in the production of Walkmans rises. You predict that the supply curve of Walkmans will
A.shift either leftward or rightward.
B.surely shift rightward.
C.surely shift leftward.
D.surely become steeper.
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