A decrease in demand means that consumers will buy (larger, smaller) quantities
ID: 1223411 • Letter: A
Question
A decrease in demand means that consumers will buy (larger, smaller) quantities at every price, or will pay (more, less) for the same quantities. A change in income or in the price of another product will result in a change in the (demand for, quantity demanded of) the given product, while a change in the price of the given product will result in a change in the (demand for, quantity demanded of) the given product. An increase in supply means that producers will make and be willing to sell (larger, smaller) quantities at every price, or will accept (more, less) for the same quantities. A change in resource prices or the prices of other goods that could be produced will result in a change in the (supply, quantity supplied) of the given product, but a change in the price of the given product will result in a change in the (supply, quantity supplied) The equilibrium price of a product is the price at which quantity demanded is (greater than, equal to) quantity supplied, and there (is, is not) a surplus or a shortage at that price. If quantity demanded is greater than quantity supplied, price is (above, below) the equilibrium price; and the (shortage, surplus) will cause the price to (rise, fall) When demand increases and supply remains the same, the new equilibrium price (increases, decreases, indeterminate) and the the equilibrium quantity (increases, decreases, indeterminate)Explanation / Answer
7. smaller, lesser
8. quantity demand, demand for
9. larger, more
10. supply, quantity supply
11. equal to and not surplus
12. above and shortage