Table of contents

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1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

3. Supply and Demand

Shifting Demand

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Multiple Choice

What happens in the market for blenders if consumers decide that juicing their vegetables is better than blending their vegetables?

Demand shifts to the left

Demand shifts to the right

Supply shifts to the left

Supply shifts to the right

Next problem

Verified step by step guidance

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.