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1- If oil consumers anticipate that the price of gasoline is going to increase next week, then: Ă- the demand for gasoline today will decrease. B- nothing will happen to demand today, but quantity demanded will decrease due to the higher price. C- the demand for gasoline today will increase. D- nothing will happen to demand for gas today because the price isn't expected to change until next week.

1- If oil consumers anticipate that the price of gasoline is going to increase next week, then: Ă- the demand for gasoline today will decrease. B- nothing will happen to demand today, but quantity demanded will decrease due to the higher price. C- the demand for gasoline today will increase. D- nothing will happen to demand for gas today because the price isn't expected to change until next week.

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
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1- If oil consumers anticipate that the price of gasoline is going to increase next week, then: A- the demand for gasoline today will decrease. B- nothing will happen to demand today, but quantity demanded will decrease due to the higher price. C- the demand for gasoline today will increase. D- nothing will happen to demand for gas today because the price isn't expected to change until next week. 2- 'I, Pencil' illustrates that: A- the market system mobilizes individual creativity in a way that other systems of economic organization do not. B- pencils are superior writing instruments to pens. C- centrally-planned economies are able to produce pencils well. D- the market system helps to keep Paris supplied with all of the material goods its residents need 3-Which of the following best describes the difference between a decrease in quantity demanded and a decrease in demand? A- A decrease in demand is caused by an increase in price, whereas a decrease in quantity demanded is caused by a number of factors, such as an increase in the price of a complement B- A decrease in quantity demanded is caused by an increase in price, whereas a decrease in demand is caused by a number of factors, such as a complement becoming more expensive. C- There is no difference; both events have the same underlying causes. D- There is only ever a decrease in demand when supply also decreases. 4- Which of the following does not affect demand for a product? A- A new subsidy for consuming that product implemented by the government. B- The technology used to produce that product. C- Consumer expectations about future prices. D- The prices of complementary goods.
Transcribed Image Text:1- If oil consumers anticipate that the price of gasoline is going to increase next week, then: A- the demand for gasoline today will decrease. B- nothing will happen to demand today, but quantity demanded will decrease due to the higher price. C- the demand for gasoline today will increase. D- nothing will happen to demand for gas today because the price isn't expected to change until next week. 2- 'I, Pencil' illustrates that: A- the market system mobilizes individual creativity in a way that other systems of economic organization do not. B- pencils are superior writing instruments to pens. C- centrally-planned economies are able to produce pencils well. D- the market system helps to keep Paris supplied with all of the material goods its residents need 3-Which of the following best describes the difference between a decrease in quantity demanded and a decrease in demand? A- A decrease in demand is caused by an increase in price, whereas a decrease in quantity demanded is caused by a number of factors, such as an increase in the price of a complement B- A decrease in quantity demanded is caused by an increase in price, whereas a decrease in demand is caused by a number of factors, such as a complement becoming more expensive. C- There is no difference; both events have the same underlying causes. D- There is only ever a decrease in demand when supply also decreases. 4- Which of the following does not affect demand for a product? A- A new subsidy for consuming that product implemented by the government. B- The technology used to produce that product. C- Consumer expectations about future prices. D- The prices of complementary goods.
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