3. The Market at Work: Supply and Demand. Practice What You Know— Demand Quiz 2. The following three questions are considering the market for the same good. The good in question is PEPSI . We are considering: Change in quantity demanded (movement), and Change in demand (shift).
Suppose the price of good X increases. In terms of demand, what is the result?
Suppose goods X and Y are substitutes for each other. If the price of good Y increases, what is the result in the market for good X?
Consider the market for bananas. Suppose that both the supply and demand for bananas increases simultaneously. Which of these effects is certain?
Which of the following will most likely cause a decrease in the supply of most fruits and vegetables?