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23 Aug 2018

What good or service do you buy on a regular basis? What factors are relevant to the demand and supply of the identified good or service? How do you imagine supply and demand, and therefore equilibrium price, might shift for that good or service 30 years in the future? Explain your answer, citing types of factors that would cause the supply and demand curve for the good or service to shift. Your response should be at least one paragraph long.

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Jamar FerryLv2

26 Aug 2018

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Make sure you first review and understand all of the "shift factors" for the supply and demand curves in your textbook. I would have a list of these by my side as you read the article titled, "The Oil Conundrum." The later part of the article discusses some of the topics we will be learning about later this semester. You may also use the sort article, "Why Is Gas Still So Expensive in California?" Use both articles to identify how events discussed in the article are affecting supply AND demand for oil. Find three events that likely caused supply shifts and three events that likely caused demand for oil to shift. You will need to answer the following six times, three for demand and three for supply:

a. Event - Quote the article

b. Which determinant (shift factors), as discussed in chapter 3, are causing the supply or demand curve to shift given the event quoted?

c. Which direction will the curve shift.

d. Given the shift, what will happen to price, will it increase or decrease?

e. Given the shift, what will happen to quantity, will it increase or decrease?

Note that the terms IMF and GDP are the International Monetary Fund and Gross Domestic Product. The IMF is an international economic stability organization. GDP is a measure for the size of a country's economy.

Here's a hint where to find some examples in "The Oil Conundrum" article:

1st page, 1st and 2nd paragraph - Supply

2nd page, 4th paragraph - Supply

3rd page, 5th paragraph - Supply

4th page, 4th paragraph - Demand

6th page, 3rd paragraph - Demand

6th page, 4th paragraph - Demand

1. According to the law of demand, an increase in the price of a good causes Select one:

a. a downward movement along the demand curve for that good.

b. a rightward shift of the demand curve for that good.

c. an upward movement along the demand curve for that good.

d. a leftward shift of the demand curve for that good.

2.The relative price of a textbook is

Select one:

a. the amount it cost to make the textbook.

b. the money price of the textbook divided by the money price of some other good.

c. what the author earned for writing the textbook.

d. the price of the textbook compared with what students think it should cost.

3.Which of the following best represents the law of demand?

Select one:

a. As the price of good increases, the quantity demanded of that good decreases.

b. As the demand for a good increase, the price of that good increases.

c. As the price of a good decrease, the demand curve for that good shifts to the right.

d. As the price of a good decrease, the demand for the good increases.

4. The absolute price of a good is its

Select one:

a. subjective price.

b. money price.

c. relative price.

d. projected price.

5. The fact that when the price of a good goes up, people buy less of it is known as the

Select one:

a. law of demand.

b. concept of market equilibrium.

c. need for inferior goods.

d. law of supply.

6.The price of a commodity in terms of another commodity is

Select one:

a. the law of demand.

b. the money price.

c. a substitute.

d. the relative price.

7.Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as

Select one:

a. the law of supply.

b. the law of demand.

c. ceteris paribus.

d. equilibrium.

8.he direct relationship between changes in price and changes in quantity supplied is

Select one:

a. shown by a shift in the supply curve.

b. the law of relative production.

c. the law of supply.

d. a change in supply.

9. The law of supply states that other things being equal,

Select one:

a. supply creates its demand.

b. supply will increase if productivity increases.

c. supply will increase to meet demand if demand increases.

d. as price increases, quantity supplied increases.

10. a price increase will lead to an increase in quantity supplied. This statement is

Select one:

a. a normative statement.

b. untrue always.

c. the law of supply.

d. the law of demand.

11.All of the following will cause a shift in the supply of jeans EXCEPT

Select one:

a. an increase in the cost of producing jeans.

b. a per-unit government subsidy on the production of jeans.

c. a decrease in the number of jean manufacturers.

d. a decrease in the prices of jeans.

12.An increase in the price of steel to producers of refrigerators will cause

Select one:

a. the demand for refrigerators to decrease.

b. the supply curve for refrigerators to shift left.

c. the quantity demanded to feel to increase.

d. the quantity supplied of refrigerators to increase.

ivorysardine587

1. What might cause a change in the demand for gasoline? What might cause a change in the supply of gasoline? Can you think of a single event that might shift both the demand and supply curve?

2. Why do you suppose that people who buy items online from firms located in other nations tend to purchase most of those items from firms based in neighboring countries?