Exam 3: Demand and Supply

The _______ is the only price where quantity demanded is equal to quantity supplied.

Which of the following would reduce the supply of microcomputers?

If new manufacturers enter the computer industry, then ceteris paribus):

The demand schedule for a good:

According to the law of supply:

A change in price of a good or service typically causes _______ for that specific good or service.

Price floors and price ceilings often lead to unintended consequences, because buyers and sellers have many margins for action. List at least four margins.

Wheat and oats are both used to make cereal and both are grown on the prairies. What would happen to the supply and demand of oats if the price of wheat were to rise?

If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that:

Define consumer surplus, producer surplus, and social surplus.

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _______.

The nature of demand indicates that as the price of a good increases:

Define social surplus and deadweight loss.

A demand curve shows the relationship between price and _______ on a graph.

With alternative policies like income subsidies and directed construction subsidies readily available, why do governments enact price floors and price ceilings?

What is the difference between a change in demand and a change in quantity demanded?

The demand curve for a typical good has an):

A severe freeze has once again damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of: