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The amount of a product that cosumers want to purchase at a particular price is called the __________, and an inverse relationship between the product price and the quantity demanded of the product is called _________.
Quantity demanded; demand.
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A leftward shift in the demand curve of x implies that consumers purchase ____ of x at each and every price.
Less
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A rightward shift in the demand curve of x implies that the demand for x _______.
Increases.
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The market demand curve ______ shift when there is a change in the price of the good.
Does not.
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Some factors that may cause a shift in the demand curve for an item are:
- Level of consumer income.
- The prices of goods related in consumption.
- The tastes of consumers.
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Other things being equal, if consumers' income increases, the market demand for a normal good _________ and its demand curve shifts to the __________.
Increases; right.
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Other things being equal, if consumers' preference change, and they find product x less valuable, the demand for x _________ and its demand curve shifts to the ______.
Decreases; left.
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X and Y are complementary for consumption. If the price of Y rises, the demand for X _____ and its demand curve shifts to the ________.
Decreases; left.
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X and Y are substitutes for consumption. If the price of T rises, the demand for x _________ and its demand curve shifts to the _________.
Increases; right.
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Other things being equal, if consumers expect future prices of X to be lower, current demand for X ______ and its demand curve shifts to the _________.
Decreases; left.
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All other things being equal, if the price of a product alone rises, there will be a movement ________ its supply curve.
Up.
(Producers will supply more because it sells for more.)
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A leftward shift in the supply curve of
Y implies that the supply of Y _______.
Decreases.
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A rightward shift in the supply curve of Y implies that sellers (producers) supply ________ of Y at each and every price.
More.
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Other things being equal, if the price of key inputs in the production of x increases, the supply of x _______ ans its supply curve shifts to the ________.
Decreases; left.
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Other things being equal, if sellers expect future price of X to be lower, the current supply of X ______ and its supply curve shifts to the _____.
Increases; right.
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Consider the market for x. If the demand alone increases (demand curve shifts rightward), the market equilibrium price will __________ and the market equilibrium quantity will _________.
Rise; increase.
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Consider the market for X. IF the supply alone decreases (supply curve shifts leftward), the market equilibrium price will _________ and the market equilibrium quantity will ________.
Rise; decrease.
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If the market for Y experiences an increase in demand, equilibrium price will _____ and equilibrium quantity will ________.
Rise; increase.
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Other things being equal, if the market for x experiences a decrease in supply, equilibrium price would _____ and equilibrium quantity would ______.
Rise; decrease.
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Consider the market for X. If both supply and demand increase (both supply and demand curves shift rightward), the market equilibrium price _________, and the market equilibrium quantity _________.
May increase, decrease, or remain the same; increases.
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Consider the market for X. If both supply and demand decrease (both supply and demand curvs shift leftward), the market equilibrium price _________, and the market equilibrium quantity ________.
May increase, decrease, or remain the same; decreases.
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Consider the market for X. If the supply increases while the demand decreases (supply curve shifts rightward, demand curve shifts leftward), the market equilibrium price _______ and the market equilibrium quantity _________.
Decreases; may increase, decrease, or remain the same.
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