Multiple Choice
What happens in the market for beef jerky if customers expect a price increase in the future?
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Table of contents
- 1. Introduction to Macroeconomics2h 3m
- 2. Introductory Economic Models1h 9m
- 3. Supply and Demand3h 23m
- Introduction to Supply and Demand4m
- The Basics of Demand6m
- Individual Demand and Market Demand3m
- Shifting Demand38m
- The Basics of Supply2m
- Individual Supply and Market Supply6m
- Shifting Supply28m
- Overview of Supply and Demand Shifts7m
- Supply and Demand Together: Equilibrium, Shortage, and Surplus8m
- Supply and Demand Together: One-sided Shifts20m
- Supply and Demand Together: Both Shift34m
- Supply and Demand: Quantitative Analysis40m
- 4. Elasticity2h 25m
- Percentage Change and Price Elasticity of Demand18m
- Elasticity and the Midpoint Method20m
- Price Elasticity of Demand on a Graph11m
- Determinants of Price Elasticity of Demand6m
- Total Revenue Test13m
- Total Revenue Along a Linear Demand Curve14m
- Income Elasticity of Demand23m
- Cross-Price Elasticity of Demand11m
- Price Elasticity of Supply12m
- Price Elasticity of Supply on a Graph3m
- Elasticity Summary9m
- 5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 11m
- WIllingness to Pay and Consumer Surplus18m
- Willingness to Sell and Producer Surplus12m
- Economic Surplus and Efficiency18m
- Quantitative Analysis of Consumer and Producer Surplus at Equilibrium28m
- Price Ceilings, Price Floors, and Black Markets38m
- Quantitative Analysis of Price Ceilings and Floors: Finding Points20m
- Quantitative Analysis of Price Ceilings and Floors: Finding Areas54m
- 6. Introduction to Taxes1h 29m
- 7. Externalities54m
- 8. The Types of Goods1h 3m
- 9. International Trade1h 16m
- Introducing Economic Concepts Coming soon
- 10. Measuring National Output and Income 54m
- 11. Unemployment and Inflation1h 34m
- Labor Force and Unemployment10m
- Types of Unemployment12m
- Unemployment: Minimum Wage Laws and Efficiency Wages7m
- Inflation and Consumer Price Index (CPI)16m
- Using CPI to Adjust for Inflation7m
- Problems with the Consumer Price Index (CPI)5m
- Nominal Income and Real Income12m
- Nominal Interest, Real Interest, and the Fisher Equation5m
- Who is Affected by Inflation?5m
- Demand-Pull and Cost-Push Inflation6m
- Costs of Inflation: Shoe-leather Costs and Menu Costs4m
- 12. Productivity and Economic Growth1h 4m
- 13. The Financial System1h 30m
- 14. Income and Consumption52m
- 15. Deriving the Aggregate Expenditures Model1h 14m
- 16. Aggregate Demand and Aggregate Supply Analysis1h 22m
- Aggregate Demand17m
- Deriving Aggregate Demand from the Aggregate Expenditure Model12m
- Shifting Aggregate Demand4m
- Long Run Aggregate Supply9m
- Short Run Aggregate Supply7m
- Shifting Short Run Aggregate Supply8m
- AD-AS Model: Equilibrium in the Short Run and Long Run5m
- AD-AS Model: Shifts in Aggregate Demand18m
- 17. The Monetary System58m
- The Functions of Money; The Kinds of Money8m
- Defining the Money Supply: M1 and M22m
- Required Reserves and the Deposit Multiplier8m
- Introduction to the Federal Reserve8m
- The Federal Reserve and the Money Supply11m
- History of the US Banking System9m
- The Financial Crisis of 2007-2009 (The Great Recession)10m
- 18. Monetary Policy1h 26m
- 19. Fiscal Policy52m
- 20. Tradeoffs Between Inflation and Unemployment1h 2m
- 21. Open-Economy Macroeconomics1h 44m
- Balance of Payments: Introduction5m
- Balance of Payments: Current Account8m
- Balance of Payments: Financial Account and Capital Account7m
- Net Exports Equal Net Foreign Investment7m
- Balance of Trade; Trade Deficit and Trade Surplus6m
- Exchange Rates: Introduction14m
- Exchange Rates: Nominal and Real13m
- Exchange Rates: Equilibrium8m
- Exchange Rates: Shifts in Supply and Demand11m
- Exchange Rates and Net Exports6m
- Exchange Rates: Purchasing Power Parity3m
- The Gold Standard4m
- The Bretton Woods System6m
- Exchange Rates Coming soon
- 22. Macroeconomic Schools of Thought40m
- 23. Dynamic AD/AS Model32m
- Special Topics Coming soon
- The Costs of Production (MICROECONOMICS)2h 35m
- Perfect Competition (MICROECONOMICS)2h 24m
- Introduction to the Four Market Models2m
- Characteristics of Perfect Competition6m
- Revenue in Perfect Competition14m
- Perfect Competition Profit on the Graph20m
- Short Run Shutdown Decision34m
- Long Run Entry and Exit Decision18m
- Individual Supply Curve in the Short Run and Long Run6m
- Market Supply Curve in the Short Run and Long Run9m
- Long Run Equilibrium12m
- Perfect Competition and Efficiency15m
- Four Market Model Summary: Perfect Competition5m
- Monopoly (MICROECONOMICS)2h 13m
- Characteristics of Monopoly21m
- Monopoly Revenue12m
- Monopoly Profit on the Graph16m
- Monopoly Efficiency and Deadweight Loss20m
- Price Discrimination22m
- Antitrust Laws and Government Regulation of Monopolies11m
- Mergers and the Herfindahl-Hirschman Index (HHI)17m
- Four Firm Concentration Ratio6m
- Four Market Model Summary: Monopoly4m
- Monopolistic Competition (MICROECONOMICS)1h 9m
- Oligopoly (MICROECONOMICS)1h 26m
- Markets for the Factors of Production (MICROECONOMICS)1h 26m
- Income Inequality and Poverty (MICROECONOMICS)36m
- Asymmetric Information, Voting, and Public Choice (MICROECONOMICS)39m
- Consumer Choice and Behavioral Economics (MICROECONOMICS)1h 16m
3. Supply and Demand
Shifting Demand
Multiple Choice
What happens in the market for blenders if consumers decide that juicing their vegetables is better than blending their vegetables?
A
Demand shifts to the left
B
Demand shifts to the right
C
Supply shifts to the left
D
Supply shifts to the right
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Verified step by step guidance1
Identify the key change in consumer preferences: Consumers now prefer juicing over blending.
Understand the impact of this change on the demand for blenders: A preference for juicing implies a decreased interest in blending, leading to a decrease in demand for blenders.
Apply the demand curve concept: A decrease in demand is represented by a leftward shift of the demand curve in the market for blenders.
Consider the supply side: Since the problem specifies a change in consumer preference, the supply of blenders remains unaffected initially.
Conclude the market effect: The primary effect is a leftward shift in the demand curve for blenders, indicating a decrease in demand due to the change in consumer preferences.
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