Microeconomics is a division of economics that studies individuals' and firms' behavior in making decisions regarding the distribution of scarce resources and the interactions among these entities and corporations. The purpose of microeconomics is to examine the market processes that determine relative values among goods and services and distribute limited resources among alternative uses. Learn more about microeconomics by taking this quiz. Good luck with it.
The price of the good changes.
Consumer income changes.
The prices of other goods change.
A change occurs in the quantities of other goods purchased
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Cause a downward movement along the demand curve for steak.
Shift the demand curve for steak to the left.
Cause an upward movement along the demand curve for steak.
Shift the demand curve for steak to the right.
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Shift to the left as consumers switch from beef to pork.
Shift to the right as consumers switch from beef to pork.
Remain unchanged, since beef and pork are sold in separate markets.
None of the above.
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Decrease the demand for steak.
Increase the demand for steak
Increase the demand for potatoes.
Decrease the demand for potatoes.
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A leftward shift in the demand curve for tea.
A downward movement along the demand curve for tea.
A rightward shift in the demand curve for tea.
An upward movement along the demand curve for tea.
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Shift the supply curve for a normal good to the right.
Cause an upward movement along the demand curve for an inferior good.
Shift the demand curve for an inferior good to the left.
Cause a downward movement along the supply curve for a normal good.
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An increase in the demand for good X.
A decrease in the demand for good X.
No change in the quantity demanded for good X.
A larger quantity demanded for good X.
A smaller quantity demanded for good X.
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Downward movement along the demand curve for tea.
Downward movement along the demand curve for tea.
Upward movement along the demand curve for tea.
Rightward shift in the demand curve for tea.
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Decrease in supply.
Increase in supply.
Increase in the quantity supplied.
Decrease in the quantity supplied.
Increase in demand.
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