ECON 201 – Exam 1 Review | Questions & Verified Answers (2026 Edition, 100% Correct, A+)

ECON 201 Exam 1 Review | QUESTIONS
AND ANSWERS | 2026 UPDATE | RATED
100% CORRECT ALREADY GRADED A+


What are the shifts for buyer expectations? - ANSWERS-Positively Related

BE ^ D now ^ = Shift Right

BE falls, D less = Shift Left



What are the four supply shift factors? - ANSWERS-Input price,
technological advances, seller expectations, and number of sellers.



What are the shifts of input price? - ANSWERS-Inversely Related

IP ^ S falls = Shift Left

IP falls, S ^ = Shift Right



What are the shifts of number of sellers? - ANSWERS-Positively Related

#S ^ S ^ = Shift Right

#S falls, S falls = Shift Left



What are seller expectation shifts? - ANSWERS-Inversely Related

SE ^ rises, S falls = Shift Left

SE falls , S ^ more= Shift Right



What are the technological advance shifts? - ANSWERS-Positively Related

TA ^ S^ = Shift Right

, TA falls, S falls = Shift Left

What are the five demand shift factors? - ANSWERS-Income (normal &
inferior goods), Price of Related Goods (Subsitutes & Complimentary), Buyer
Expectations, # of Buyers, and Tastes.



What are the shifts for income normal goods - ANSWERS-Positively Related

I ^ D ^ = Shift Right

I falls, D falls = Shift Left



What are the shifts for income inferior goods - ANSWERS-Inversely Related

I ^ D falls = Shift Left

I falls D ^ = Shift Right



What are the shifts for price of related goods such as subsitutes -
ANSWERS-Postively related

P ^ D ^ = Shift Right

P falls, D falls = Shift Left



What are the shifts for price of related goods such as complimentaries -
ANSWERS-Inverse Relationship

P ^ D falls = Shift Right

P falls, D ^ = Shift Left



What are the shifts for tastes - ANSWERS-Positively Related

T^D^

T falls, D falls



What are the shifts for number of buyers? - ANSWERS-Positively Related