3. Supply and Demand

If the economy booms and incomes rise, what happens in the markets for inferior goods?

A change in which of the following will NOT shift the demand curve for ice cream?

A decrease in _________ will cause a movement along a given supply curve, which is called a change in __________.

Gum and mints are substitutes. If the price of gum increases, what happens in the market for mints?

Which of the following situations would lead to an increase in the equilibrium price of carrots and a decrease in the equilibrium quantity of carrots sold?

The discovery of a new fertilizer will shift the ___________ curve for carrots, leading to a ___________ equilibrium price.