Econ Supply and Demand Post Test.

Econ Supply and Demand Post Test 1. When the price of good A rises, people start to drink good B. In this case. 2. An increase in the price of a good would be illustrated on a demand graph as a: 3. If the number of consumers in the market for good A increases, what will happen to the equilibrium price and quantity of good A? 4. According to the law of demand, as a price of a good or service increases, the 5. If producers expect the price of a good to rise, what will happen to the good's equilibrium price and quantity? 6. If a good is considered "normal" by economists, an increase in consumers' incomes will result in a decrease in the demand for the good. 7. If two goods are complements, an increase in the price of one good will cause a decrease in the demand for the other. 8. If consumers expect higher coffee prices in the future: 9. If the government decides to subsidize the production of a good, the result would be a decrease in the equilibrium price and a decrease in the equilibrium quantity. 10. If the price of one of the resources used to produce a good decreases: 11. If the price of peanut butter were to increase, what would likely happen to the demand for jelly? 12. If good A is considered to be an inferior good, when incomes rise: 13. If the government imposes a tax on the production of a good or service, what will happen to the equilibrium price and quantity of the good 14. A decrease in the price of a good would be illustrated on a supply graph as a: 15. A government-imposed price floor, above equilibrium price, in the market for a good or service will result in: 16. An increase in the average income of consumers will result in: 17. According to the law of supply, if the price of a good or service increases: 18. An improvement in technology used by producers of a certain good will result in: