Econ Macro Unit 3 HW The law of demand states that other things equal: a) as the price increases, the demand will decrease. b) as the price increases, the quantity demanded will decrease. c) as the price decreases, the demand curve will shift to the right. d) as the price increases, the quantity demanded will increase. b) as the price increases, the quantity demanded will decrease. Which of the following factors would cause a movement along the demand curve for a particular good? a) a change in the prices of related goods b) a change in the price of that good c) both a change in the price of that good and a change in the size of the population d) a change in the size of the population b) a change in the price of that good A shift of the demand curve for thin-crust pizza would not be caused by a change in:a) the price of thick-crust pizza. b) the price of thin-crust pizza. c) buyers' incomes. d) the popularity of thin-crust pizza. b) the price of thin-crust pizza. If goods A and B are substitutes, a decrease in the price of good B will: a) increase the demand for good A. b) decrease the demand for good A. c) increase the demand for good B. d) increase the demand for good B and decrease the demand for good A. b) decrease the demand for good A. If goods A and Z are complements, an increase in the price of good Z will: a) increase the demand for good A. b) decrease the demand for good A. c) decrease the demand for good Z. d) decrease the demand for both good A and good Z. b) decrease the demand for good A. A good is inferior if which of the following is true? a) When income increases, the demand increases. b) When income increases, the demand decreases. c) Income and the demand are unrelated. d) When income increases, the demand remains unchanged. b) When income increases, the demand decreases. The typical supply curve illustrates that: a) price and quantity supplied are unrelated. b) other things equal, the quantity supplied for a good is positively related to the price of a good. c) other things equal, the supply of the good creates its own demand for the good. d) other things equal, the quantity supplied for a good is inversely related to the price of a good. b) other things equal, the quantity supplied for a good is positively related to the price of a good. A decrease in supply means: a) that more will be supplied at every price. b) that less will be demanded at every price. c) a movement down the supply curve as prices go down. d) a shift to the left of the entire supply curve. d) a shift to the left of the entire supply curve. In the market for tacos, each of the following shifts the supply curve to the left except: a) a decrease in the price of tacos. b) fewer taco shops. c) an increase in the price of beef. d) an increase in the wages of taco shop workers. a) a decrease in the price of tacos. Which of the following is not a determinant of supply? a) the cost of production b) the technology of production c) consumer tastes d) expectations regarding future prices c) consumer tastes