Exam 3: Demand and Supply

A price below the equilibrium price results in

Many Southern farmers face a choice between planting peanuts or cotton. In 2014, farmers anticipated higher prices for cotton. In the market for peanuts in 2014, there would be ________ in the supply of peanuts, which leads to ________ in the price of peanuts and ________ in the quantity of peanuts.

The opportunity cost of a hot dog in terms of hamburgers is the

-In the above figure, a price of $15 per dozen for roses would result in

-Consider the demand curves for soft drinks shown in the figure above. A movement from point a to point c represents

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

Suppose we observe that both the equilibrium price of digital cameras and the equilibrium quantity of digital cameras have increased. Which of the following events could be responsible for this?

-The figure above shows the demand for fruit snacks. Which movement reflects a decrease in population?

An unusually warm winter shifts the

-The above figure shows the market for oil. Because of the development of a new deep sea drilling technology the

Homer changes jobs and his new job pays him a higher income. Before he changed jobs, Homer purchased 3 pounds of tuna and 2 pounds of chicken. After he changed jobs, Homer now purchases 2 pounds of tuna and 3 pounds of chicken. For Homer

The Miami Dolphins play football in Joe Robbie Stadium which holds 76,500 seats. In 2009, attendance averaged about 70,000 fans per game. This means that the quantity supplied of seats is

The quantity supplied of a good or service is the quantity that a producer ________ at a particular price during a given time period.

An increase the expected future price of a good

When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that

The law of demand states that, other things remaining the same, the higher the price of a good, the

When economists speak of preferences as influencing demand, they are referring to

-The above table gives the demand and supply schedules for Blu-ray discs. Suppose that the price of a Blu-ray disc player increases, resulting in the demand for Blu-ray discs decreasing by 8,000 units at all prices. What are the new equilibrium quantity and equilibrium price of Blu-ray discs?

When the price is below the equilibrium price, the quantity demanded

Which of the following statements is CORRECT?