Exam 3: Demand and Supply

-Suppose that, at a rental rate of $1000 per month, 650 residents wish to rent apartments and that landlords offer 800 apartments available for rent. Which one of the following statements is then true?

Which of the following will NOT cause a shift in the demand for rewriteable DVDs?

A schedule of amounts of a good that people will purchase at various prices during a specific time period holding other factors constant is

Given the market data for good X in the above table, an equilibrium quantity is established at

Which of the following is an example of the law of demand?

When McDonald's runs a special for hamburgers reducing the price of Big Macs to $0.99 with all other factors held constant

If the market price rises from P0 to P2 in the above figure, then there is a

Graphically, a market demand curve is found by

Which of the following is a determinant of supply?

An increase in supply will occur when

The absolute price of a good is its

-Refer to the above table. The equilibrium price of tablets is

The relationship between quantity supplied and price is usually

When income increases, the demand curve for an inferior good

A demand schedule provides

-Which of the following statements is correct?

All of the following will cause a shift in the supply of jeans EXCEPT

Other things being equal, the relationship between price and quantity supplied is

Suppose that because of unseasonably cold weather in Florida, a significant portion of the orange crop has been lost to freezing temperatures. This statement means that

State the law of demand and illustrate it. Explain what is meant by the term "price" in the law of demand.