Answer:
What can cause the supply curve for a product to shift to the right?
a. an increase in demand for the product
b. an increase in government subsidies to producers
c. an increase in indirect taxes on the product
d. an increase in the costs of production
What is an example of complementary demand?
a. buses and bus fares
b. cotton and cotton seed
c. televisions and electricity
d. wood and sawdust
What is most likely to cause a shift in the supply curve for oil?
a. an increase in purchases of cars
b. an increase in the price of oil
c. a rise in consumer incomes
d. the discovery of new oilfields
What is most likely to cause an increase in the demand for oranges?
a. a decrease in the supply of oranges
b. a health scare about eating oranges
c. an increase in the price of a complement
d. an increase in the price of a substitute
A demand curve for a product shows the relationship between its price and….
a. cost of production.
b. population changes.
c. the income of the consumer.
d. the quantity of the product consumed.
A consumer’s demand curve for a commodity shows how quantity purchased varies with ….
a. the consumer’s income.
b. the consumer’s tastes.
c. the price of substitutes.
d. the price of the commodity.