Crowdly

Suppose you make jewellery. If the price of gold falls, we would expect you to

face a weaker demand for your jewellery.

be willing and able to produce more jewellery than before at each possible price.

face a greater demand for your jewellery.

be willing and able to produce less jewellery than before at each possible price.

Supply refers to the quantities of a good or service that producers plan to sell at different prices.

True

False

An upward movement along a supply curve is also called an increase in supply.

True

False

An increase in the production of beef will lead to a decrease in the production of leather (made from cattle hides).

True

False

Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for bubble gum?

a decrease in the price of bubble gum

an increase in the number of people visiting South Africa

a change in consumer preferences toward eating fruit rather than sweets

a decrease in the cost of dental procedures

Which of the following would cause the demand curve to shift from Demand A to Demand B in the market for oranges?

a technological advance that allows oranges to ripen faster

a decrease in the price of apples

a decrease in the price of oranges

an announcement by the Department of Health that oranges prevent Covid-19 infections

Which of the following would cause the demand curve to shift from Demand C to Demand A in the market for blistering blue bottles?

a decrease in the price of blistering blue bottles

an increase in the price of blistering blue bottles

a change in consumer preferences toward perfectly pink pitchers rather than blistering blue bottles

an expectation by buyers that their incomes will increase soon

If Gouda cheese and cheddar cheese are substitutes, then which of the following would increase the demand for cheddar cheese?

an increase in the price of cheddar cheese.

a decrease in the price of Gouda cheese

an increase in the price of Gouda cheese

a decrease in the price of cheddar cheese

Which of the following demonstrates the law of demand?

Kafayat buys fewer cup cakes at R0.60 each since the price of hot cross buns fell to R0.50 each.

Malefa buys fewer muffins at R0.75 each than at R1 each.

Mawethu buys more donuts at R0.25 each than at R0.50 each.

Theo buys more pretzels at R1.50 each since he got a raise at work.