Use the following to answer questions: Table: Equilibrium Price, Quantity \[\begin{array} { c c c } \hline \boldsymbol { P } & \boldsymbol { Q } _ { \mathbf { d } } & \boldsymbol { Q } _ { \mathbf { s } } \\ \hline \$ 10 & 50 & 30 \\ 12 & 45 & 35 \\ 14 & 40 & 40 \\ 16 & 35 & 45 \\ 18 & 30 & 50 \\ \hline \end{array}\] -(Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20 more units of the good are supplied at every price, what is the new equilibrium price?

A) $10 B) $12 C) $14 D) $16 A) $10 B) $12 C) $14 D) $16

Table: Supply and Demand Schedule \[\begin{array} { c c c } \hline \text { Price per Unit } & \text { Quantity Demanded } & \text { Quantity Supplied } \\ \hline \$ 17 & 80 & 97 \\ \$ 15 & 88 & 88 \\ \$ 13 & 96 & 79 \\ \$ 11 & 104 & 71 \\ \hline \end{array}\] In the table, a surplus occurs at a price ________, and a shortage occurs at a price _________.

A) of $17; below $15 B) of $15; above $15 C) above $15; of $15 D) above $11; below $17 A) of $17; below $15 B) of $15; above $15 C) above $15; of $15 D) above $11; below $17

Exam 4: Equilibrium: How Supply and Demand Determine Prices

After adjusting for inflation, a comparison of the price of leg warmers reveals that the price of leg warmers was significantly higher in the 1980s than it is today. Which of the following can explain this?

(Multiple Choice)

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Question 201

A market can be described by the equations Q_d = 300 - 4P and Q_s = 6P. At a price of $40, will this market experience a shortage or a surplus and what is the amount of this shortage or surplus? Will this market return to equilibrium? Why or why not?

(Essay)

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Question 202

Imagine a free market in which quantity supplied is 50 units and quantity demanded is 40 units at the current price. The market is experiencing a(n):

(Multiple Choice)

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Question 203

When there is a shortage in the market, competition will:

(Multiple Choice)

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Question 204

An increase in quantity demanded is a shift in the entire demand curve.

(True/False)

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Question 205

If the government institutes a tax on suppliers of Cheesy-Poofs, the market for Cheesy-Poofs will see:

(Multiple Choice)

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Question 206

Which of the following would NOT lead to a decrease in the price of domestic automobiles?

(Multiple Choice)

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Question 207

Use the following to answer questions: Figure: Price and Quantity 2 -(Figure: Price and Quantity 2) At a cost of $20 per unit in the diagram, the value of the unexploited gains from trade is represented by areas:

(Multiple Choice)

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Question 208

Use the following to answer questions: Figure: Market Changes -(Figure: Market Changes) Refer to the figures. If the figures represent the market for a popular soda, which figure shows the effect of an increase in the price of a competing energy drink?

(Multiple Choice)

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Question 209

When there is a shortage of 1,000 units of a particular good:

(Multiple Choice)

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Question 210

Imagine a free market in equilibrium. After a sudden increase in demand (but before the price can adjust), the market experiences:

(Multiple Choice)

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Question 211

In the market for a normal good, an increase in income will cause an increase in , an increase in quantity , and a(n) __ in price.

(Multiple Choice)

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Question 212

Use the following to answer questions: Table: Equilibrium Price, Quantity \ 10 50 30 12 45 35 14 40 40 16 35 45 18 30 50 -(Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20 more units of the good are supplied at every price, what is the new equilibrium price?

(Multiple Choice)

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Question 213

Gains from trade will be maximized at the free market equilibrium price and quantity because the supply of goods is:

(Multiple Choice)

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Question 214

Figure: Supply and Demand 2 What happens as a result of the change in demand in the diagram?

(Multiple Choice)

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Question 215

The equilibrium price will increase if demand and supply both increase by equal amounts.

(True/False)

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Question 216

Table: Supply and Demand Schedule Price per Unit Quantity Demanded Quantity Supplied \ 17 80 97 \ 15 88 88 \ 13 96 79 \ 11 104 71 In the table, a surplus occurs at a price , and a shortage occurs at a price _.

(Multiple Choice)

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Question 217

Following the release of a new study showing even more benefits to drinking red wine, economists expect:

(Multiple Choice)

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Question 218

What will happen in the market for cotton as a result of a severe drought?

(Multiple Choice)

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Question 219

Use the following to answer questions: Figure: Demand and Supply -Gains from trade are maximized at the:

(Multiple Choice)

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Question 220

Showing 201 - 220 of 265

After adjusting for inflation, a comparison of the price of leg warmers reveals that the price of leg warmers was significantly higher in the 1980s than it is today. Which of the following can explain this?

A market can be described by the equations Q_d = 300 - 4P and Q_s = 6P. At a price of $40, will this market experience a shortage or a surplus and what is the amount of this shortage or surplus? Will this market return to equilibrium? Why or why not?

Imagine a free market in which quantity supplied is 50 units and quantity demanded is 40 units at the current price. The market is experiencing a(n):

When there is a shortage in the market, competition will:

An increase in quantity demanded is a shift in the entire demand curve.

If the government institutes a tax on suppliers of Cheesy-Poofs, the market for Cheesy-Poofs will see:

Which of the following would NOT lead to a decrease in the price of domestic automobiles?

Use the following to answer questions: Figure: Price and Quantity 2 -(Figure: Price and Quantity 2) At a cost of $20 per unit in the diagram, the value of the unexploited gains from trade is represented by areas:

Use the following to answer questions: Figure: Market Changes -(Figure: Market Changes) Refer to the figures. If the figures represent the market for a popular soda, which figure shows the effect of an increase in the price of a competing energy drink?

When there is a shortage of 1,000 units of a particular good:

Imagine a free market in equilibrium. After a sudden increase in demand (but before the price can adjust), the market experiences:

In the market for a normal good, an increase in income will cause an increase in , an increase in quantity , and a(n) __ in price.

Gains from trade will be maximized at the free market equilibrium price and quantity because the supply of goods is:

Figure: Supply and Demand 2 What happens as a result of the change in demand in the diagram?

The equilibrium price will increase if demand and supply both increase by equal amounts.

Table: Supply and Demand Schedule Price per Unit Quantity Demanded Quantity Supplied \ 17 80 97 \ 15 88 88 \ 13 96 79 \ 11 104 71 In the table, a surplus occurs at a price , and a shortage occurs at a price _.

Following the release of a new study showing even more benefits to drinking red wine, economists expect:

What will happen in the market for cotton as a result of a severe drought?

Use the following to answer questions: Figure: Demand and Supply -Gains from trade are maximized at the:

The Big Ideas

The Power of Trade and Comparative Advantage

Supply and Demand

Price Ceilings and Floors

GDP and the Measurement of Progress

The Wealth of Nations and Economic Growth

Growth, Capital Accumulation and the Economics of Ideas: Catching up Vs the Cutting Edge

Saving, Investment, and the Financial System

Stock Markets and Personal Finance

Unemployment and Labor Force Participation

Inflation and the Quantity Theory of Money

Business Fluctuations: Aggregate Demand and Supply

Transmission and Amplification Mechanisms

The Federal Reserve System and Open Market Operations

Monetary Policy

The Federal Budget: Taxes and Spending

Fiscal Policy

International Trade

International Finance

Political Economy and Public Choice

Filters

Exam 4: Equilibrium: How Supply and Demand Determine Prices

After adjusting for inflation, a comparison of the price of leg warmers reveals that the price of leg warmers was significantly higher in the 1980s than it is today. Which of the following can explain this?

A market can be described by the equations Qd = 300 - 4P and Qs = 6P. At a price of $40, will this market experience a shortage or a surplus and what is the amount of this shortage or surplus? Will this market return to equilibrium? Why or why not?

Imagine a free market in which quantity supplied is 50 units and quantity demanded is 40 units at the current price. The market is experiencing a(n):

When there is a shortage in the market, competition will:

An increase in quantity demanded is a shift in the entire demand curve.

If the government institutes a tax on suppliers of Cheesy-Poofs, the market for Cheesy-Poofs will see:

Which of the following would NOT lead to a decrease in the price of domestic automobiles?

Use the following to answer questions: Figure: Price and Quantity 2 -(Figure: Price and Quantity 2) At a cost of $20 per unit in the diagram, the value of the unexploited gains from trade is represented by areas:

Use the following to answer questions: Figure: Market Changes -(Figure: Market Changes) Refer to the figures. If the figures represent the market for a popular soda, which figure shows the effect of an increase in the price of a competing energy drink?

When there is a shortage of 1,000 units of a particular good:

Imagine a free market in equilibrium. After a sudden increase in demand (but before the price can adjust), the market experiences:

In the market for a normal good, an increase in income will cause an increase in ______, an increase in quantity ______, and a(n) ______ in price.

Gains from trade will be maximized at the free market equilibrium price and quantity because the supply of goods is:

Figure: Supply and Demand 2 What happens as a result of the change in demand in the diagram?

The equilibrium price will increase if demand and supply both increase by equal amounts.

Table: Supply and Demand Schedule Price per Unit Quantity Demanded Quantity Supplied \ 17 80 97 \ 15 88 88 \ 13 96 79 \ 11 104 71 In the table, a surplus occurs at a price ________, and a shortage occurs at a price _________.

Following the release of a new study showing even more benefits to drinking red wine, economists expect:

What will happen in the market for cotton as a result of a severe drought?

Use the following to answer questions: Figure: Demand and Supply -Gains from trade are maximized at the:

The Big Ideas

The Power of Trade and Comparative Advantage

Supply and Demand

Price Ceilings and Floors

GDP and the Measurement of Progress

The Wealth of Nations and Economic Growth

Growth, Capital Accumulation and the Economics of Ideas: Catching up Vs the Cutting Edge

Saving, Investment, and the Financial System

Stock Markets and Personal Finance

Unemployment and Labor Force Participation

Inflation and the Quantity Theory of Money

Business Fluctuations: Aggregate Demand and Supply

Transmission and Amplification Mechanisms

The Federal Reserve System and Open Market Operations

Monetary Policy

The Federal Budget: Taxes and Spending

Fiscal Policy

International Trade

International Finance

Political Economy and Public Choice

Filters

A market can be described by the equations Q_d = 300 - 4P and Q_s = 6P. At a price of $40, will this market experience a shortage or a surplus and what is the amount of this shortage or surplus? Will this market return to equilibrium? Why or why not?

In the market for a normal good, an increase in income will cause an increase in , an increase in quantity , and a(n) __ in price.

Table: Supply and Demand Schedule Price per Unit Quantity Demanded Quantity Supplied \ 17 80 97 \ 15 88 88 \ 13 96 79 \ 11 104 71 In the table, a surplus occurs at a price , and a shortage occurs at a price _.