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Macroeconomics Chapter 3 1.The market for smartwatches is becoming very competitive. The increase in competition in this market is an example of how the market responds to a.changes in consumer tastes. 2.If you are considering buying either an Apple Watch or a Samsung Gear S2, and you choose the Samsung only because the price is lower, then you consider a.the Apple Watch and the Samsung Gear S2 to be substitutes. 3.A(n) ________ is represented by a rightward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve. a.increase in demand; increase in quantity demanded 4.A demand curve shows the relationship between a.the price of a product and the quantity of the product demanded. 5.The law of demand implies, holding everything else constant, that as the price of yogurt a.increases, the quantity of yogurt demanded will decrease. 6.The phrase "demand has increased" means that a.a demand curve has shifted to the right. 7.Holding everything else constant, a decrease in the price of GPS systems will result in a.an increase in the quantity of GPS systems demanded. 8.A change in which variable will change the market demand for a product? a.expected future prices 9.(use for 9-11) ( 7) By drawing a demand curve with price on the vertical axis and quantity on the horizontal axis,economists assume that the most important determinant of the demand for a good isA) the quality of the good.B) consumer income.C) the price of the good.D) consumer tastes and preferences.Answer: C7)Page Ref: 76/76 Learning Outcome: Micro-4: Explain how supply and demand function in competitive markets.8) The law of demand implies, holding everything else constant, that as the price of yogurtB) increases, the demand for yogurt will increase.8) Get answer to your question and much more C) decreases, the demand for yogurt will increase.D) decreases, the quantity of yogurt demanded will decrease.Answer: APage Ref: 75/75Learning Outcome: Micro-4: Explain how supply and demand function in competitive markets.9) The phraseʺdemand has increasedʺmeans thatB) there has been an upward movement along a demand curve.9) Get answer to your question and much more C) there has been a downward movement along a demand curve.D) a demand curve has shifted to the left.Answer: APage Ref: 76/76Learning Outcome: Micro-4: Explain how supply and demand function in competitive markets.2 Recommended textbook solutions
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How does the decreasing use of DVD players affect the market for prerecorded DVDs?How does the decreasing use of DVD players affect the market for prerecorded DVDs? The demand curve for prerecorded DVDs shifts to the left.
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What will occur if a firm expects that the price of its product will be higher in the future than it is today?-If a firm expects that the price of its products will be higher in the future than it is today, it has incentive to decrease supply now (curve shifts to left), and increase supply in the future (curve would shift to the right).
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Holding everything else constant, a decrease in the price of gps systems will result in
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