Exam 3: Demand and Supply

Which of the following increases the quantity supplied of good X but does NOT increase the supply of good X?

If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________.

Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?

-The above figure shows the market for gasoline. When a hurricane destroys a major refinery that refines oil into gasoline, the

-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 c?

-The figure illustrates the market for pens. The equilibrium quantity is

-The above figures show the market for hamburger meat. Which figure(s) shows the effect of a new report by the U.S. Surgeon General that beef consumption is healthier than previously believed?

Which of the following shifts the supply curve for good X leftward?

If the demand for digital cameras increases when consumers' income rise, then digital cameras are

If the price of a CD is equal to the equilibrium price, there will be ________ of CDs and the price will ________.

The quantity of iPads that people plan to buy this month depends on all of the following EXCEPT the

Using the above figure, suppose that roses are a normal good. If incomes decrease while simultaneously there is an increase in the price of the resources used to produce roses, then

In March, the quantity of orange juice sold in the town of Jackson was 3,000 cartons and the price $3. In May, the quantity of orange juice sold in the town of Jackson was 3,500 cartons and the price was $3.20. This change in the price and quantity sold could have been the result of

When the price of a good is

Which of the following shifts the supply curve rightward?

An increase in the number of producers of gruel ________ the supply of gruel and shifts the supply curve of gruel ________.

If a technological advance takes place in the computer industry, then the equilibrium price of a computer will ________ and the equilibrium quantity will ________.

The Market for Wapanzo Beans -Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________.

-The above figure shows the market for pizza. Which figure shows the effect of a decrease in the price of a hamburger, which for consumers is a substitute for pizza?

When the price of a pizza decreases from $14 to $12