A movement along the demand curve for automobiles is caused by a change in:
a. the price of automobiles. b. the price of gasoline.
c. the price of steel. d. consumers' incomes.
QUESTION 2Ceteris paribus, a change in the price of a good always results in a change in:
a. income.
b. tastes.
c. quantity demanded.
d. both income and tastes.
e. the price of other goods.
QUESTION 3A movement along a demand curve is called a change in:
a. income.
b. quantity demanded.
c. demand.
d. tastes.
e. population.
QUESTION 4Which of the following is least likely to increase the demand for new tires?
a. a decrease in the price of tires
b. a decrease in the price of cars
c. an increase in consumer income
d. an increase in the number of miles people drive per year
QUESTION 5When economists say the quantity demanded of a product has increased, they mean the:
a. demand curve has shifted to the left.
b. demand curve has shifted to the right.
c. price of the product has fallen, and consequently, consumers are buying more of it.
d. price of the product has risen, and consequently, consumers are buying less of it.
QUESTION 6The horizontal summation of all individual demands at different given prices results in the:
a. market supply curve.
b. individual supply curve.
c. individual demand curve.
d. equilibrium demand and supply curves.
e. market demand curve.
QUESTION 7The market demand is the:
a. sum of all individual demand curves in a market.
b. sum of all individual prices in a market.
c. sum of all individual demand curves and supplies in a market.
d. vertical sum of all individual demand curves.
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