Exam 3: Demand and Supply

-Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. Which of the following could result in a movement to point d?

A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates

-Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. Which of the following could result in a movement to point b?

In a market, at the equilibrium price,

Which of the following decreases the supply of restaurant meals?

-The above table shows the demand schedule and supply schedule for almond oil. If the price is $4)00 per litre, there is a

Demands differ from wants because

-In the figure above, an increase in the supply of oil would result in a movement from

-The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point b could be the result of

If income decreases or the price of a complement rises,

When a market is in equilibrium,

Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true?

Coffee and sugar are complements. If a poor sugar harvest leads to an increase in the price of sugar, there will also be

Normal goods are those for which demand decreases as

The demand curve for a normal good shifts leftward if income _______ or the expected future price _______.

-In the figure above, which movement could be the result of an increase in the wages paid to oil workers?

Ham and eggs are complements. If the price of ham rises, the demand for eggs will

An increase in the price of jet fuel will _______ air flights and the equilibrium quantity of air flights will _______.

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

The quantity of iPods that people plan to buy this month depends on all of the following except the