Exam 3: Demand and Supply

-In the above figure, an increase in the quantity demanded is represented by a movement from point d to

-In the figure above, which movement could be the result of the development of a new, more efficient refining technology?

A movement along the demand curve shows a change in demand.

Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the

If the U.S. Surgeon General announced that increased grapefruit juice consumption could help prevent heart attacks, what would happen to the equilibrium price and quantity of grapefruit juice?

-Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is a drought in the wapanzo bean growing region then supply will _ and demand will .

In 2008 there were 200,000 gas grills demanded at a price of $500. In 2009 there were more than 200,000 gas grills demanded at the same price. This increase could be the result any of the following EXCEPT

-Consider the figure above showing supply curves for soft drinks. Suppose the economy is at point A. A movement to point c could be the result of

-In the above figure, a price of $15 per dozen roses would result in a so that the price of roses will .

-In the figure above, which movement reflects a decrease in demand?

We observe that both the equilibrium price of film cameras and the equilibrium quantity of film cameras have decreased. Which of the following events could be responsible for this?

A supply curve shows the relation between the quantity of a good supplied and

iPods rise in price while CDs fall in price. The combined effect of these two changes is to create a

-The above figure shows the market for hamburger. Which panel shows the effect of a drought in "cattle country"?

The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises

There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2008. If the Packers raised ticket prices, we would expect the

-The above figure shows the market for pizza. Which figure shows the effect of a new report by the u.S. Surgeon General that eating pizza lowers cholesterol levels, an outcome many people want?

The quantity of iPods that people plan to buy this month depends on all of the following EXCEPT the

What is the difference between a normal good and an inferior good? Give an example of each.

-In the above figure, if the price is $8 then there is a