Exam 4: Supply and Demand An Initial Look

If new manufacturers enter the computer industry,then,holding all other things constant,

Which of the following would be most likely to cause an outward shift of the demand curve for electricity?

While demand shifts have an effect on equilibrium price and quantity,supply shifts have no such effect.

Sugar price supports ensure an abundance of sugar,and hence reasonable prices for consumers.

Refer to Exhibit 4-1.According to the data given,the equilibrium price of a weezil is

During the American Revolution,the Pennsylvania legislature enacted price controls on essential commodities.The result of this legislation was

A government policy that prevents the price of a good or service from falling below a specified level is called a price floor and usually results in

At equilibrium,quantity demanded equals quantity supplied.

An increase in price will increase supply.

Demand and quantity demanded are the same thing.

In January,2,500 quarts of ice cream are sold in Boston at $2 a quart.In February,3,000 quarts are sold at $2.50 a quart.This change in quantity sold and price may have been caused by

If price rises,what happens to quantity supplied for a product?

Consumer income changes can shift market demand.

Price controls usually enhance efficiency in the allocation of resources.

Figure 4-4 -Assume that Figure 4-4 shows demand for steak.An increase in income of buyers will change demand from

A demand schedule shows

All other factors held constant,if the price of game consoles rise,the demand for gaming titles will

When GM advertises its cars,the company is trying to cause a

If the price of oil,a close substitute for coal,increases then the

In an attempt to forecast enrollment,a major university hired an economist to give a "head count." One variable which she would probably emphasize more than any other in trying to forecast this is