Exam 3: Demand and Supply

Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the

If consumers but not producers expect that the price of cola will rise in November, the

-The above figure shows the market for pizza. Which figure shows the effect of an increase in the price of a complement such as cola?

Which of the following shifts the supply curve rightward?

An increase in the number of consumers

The price of a bag of corn chips is $3, and the price of a bottle of cola is $1. What is the relative price of a bottle of cola?

-The above table shows the demand schedule and supply schedule for almond oil. An increase in consumers' income results in an increase in the demand for almond oil by an amount of 3 litres at every price. What are the new equilibrium quantity and equilibrium price?

-The above table gives the demand and supply schedules for Blu- ray discs. If the price of a Blu- ray disc is $8, there is a _______ and the price of a Blu- ray disc will _______.

-In the above figure, if D2 is the original demand curve and consumers come to expect that the price of the good will rise in the future, which price and quantity might result?

The supply curve slopes upward when graphed against _______, because of _______.

Suppose the equilibrium price of bottled water has risen from $1.00 per bottle to $2.00 per bottle and the equilibrium quantity has increased. These changes are a result of a _______ shift of the _______ Curve for bottled water.

If the money price of wheat increases and no other prices change, the

Each point on the demand curve reflects

Which of the following shifts the demand curve for oranges?

If the quantity demanded exceeds the quantity supplied, then there is

Apples are a normal good, so if the price of an apple increases from 50¢ to 60¢, the quantity of apples demanded decreases because of

When the price of a pizza decreases from $12 to $10, it is definitely the case that the

Suppose people buy more of good 1 when the price of good 2 falls. These goods are

Which of the following leads to a movement along the demand curve for spinach but does not shift the demand curve for spinach?

Which of the following is NOT held constant while moving along a supply curve?