Chapter 2 Thinking Like an Economist

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Question # 00039616 Posted By: solutionshere Updated on: 01/01/2015 08:46 AM Due on: 01/01/2015

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30. Suppose price is measured along the vertical axis on a graph. When price changes, there will be a

a.	rotation of the curve.
b.	shift of the curve.
c.	movement along the curve.
d.	change in the slope of the curve.

31. A demand curve shows the relationship

a.	between income and quantity demanded.
b.	between price and income.
c.	between price and quantity demanded.
d.	among income, price, and quantity demanded.

32. A demand curve shows the relationship between price and

a.	income.
b.	quantity demanded.
c.	production.
d.	income and quantity demanded.

33. A demand curve displaying the relationship between the price of cars and the quantity demanded of cars should have a slope that is

34. Which of the following is not held constant when looking at an individual’s demand curve?

a.	income
b.	price
c.	preferences
d.	the availability of alternative goods

35. If Erin’s income decreases and, as a result, she chooses to buy fewer milkshakes per month at each price, then her demand curve will

a.	shift to the right.
b.	shift to the left.
c.	not shift; instead, Erin will move along her demand curve downward and to the right.
d.	not shift; instead, Erin will move along her demand curve upward and to the left.

Figure 2-14

36. Refer to Figure 2-14. The curves shown are

37. Refer to Figure 2-14. The movement from point A to point B is a(n)

a.	shift of the demand curve.
b.	indication of a change in preferences for grapes.
c.	movement along the demand curve.
d.	indication of an increase in income.

38. Refer to Figure 2-14. The movement from point B to point C is a(n)

a.	shift of the demand curve.
b.	movement along the demand curve.
c.	indication that the price of grapes has changed.
d.	indication that the costs incurred by firms that produce grapes have changed.

39. Refer to Figure 2-14. The movement from point B to point C could have been caused by

a.	inflation.
b.	a change in income.
c.	a change in the price of grapes.
d.	a change in the cost of producing grapes.

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score 3 · Accepted Answer · 01/01/2015 08:48 AM

Solution: Chapter 2 Thinking Like an Economist

Tutorial # 00038864 Posted By: solutionshere Posted on: 01/01/2015 08:48 AM

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