Exam 3: Demand and Supply

-In the figure above, which movement reflects an increase in income if fruit snacks are a normal good?

A change in which of the following would NOT shift the supply curve for sneakers?

In early 2008 the price of gasoline increased 50 percent. This change caused

The "income effect" in the market for aspirin means that

Between 2000 and 2008, advances in PC production technology increased the supply of PCs sharply. The demand for PCs also increased, but not nearly as much as the supply did. As a result, the market price of a PC and the quantity of PCs sold .

Some sales managers are talking shop. Which of the following quotations refers to a movement along the demand curve?

Based on the above figure, which of the following is true?

-The above figure shows the market for pizza. Which figure shows the effect of an increase in the price of a complement such as soda?

Which of the following leads to a movement along, but no shift in, the demand curve for spinach?

-In the figure, the equilibrium price is initially $3 per bushel of wheat. If buyers come to expect that the price of a bushel of wheat will rise in the future, but sellers do not, the current equilibrium price will

If a good is an inferior good, then purchases of that good will decrease when

A ticket to see the Radio City Rockettes costs $90. You buy a ticket for $30 to see the New York Jets play football. The money price for

In the market for bicycles, explain what happens to the supply and demand curves when there is an increase in the price of steel used to make bikes.

An increase in the hourly wage of hot dog vendors at Yankee Stadium shifts the supply curve of hot dogs at Yankee Stadium leftward.

-The above figures show the market for oranges. Which figure shows the effect of changing consumer preferences for more orange juice and less coffee in the morning?

For "an increase in the quantity demanded" but not "an increase in demand" to occur, there must be a

If the price is above the equilibrium price, then there is a

If the market for Twinkies is in equilibrium, then

-In the figure above, which movement reflects how consumers would react to an increase in the price of a non- fruit snack?

When supply decreases, the equilibrium price and the equilibrium quantity .