Exam 3: Demand and Supply

In the market for oranges, the demand and supply of oranges decrease by the same amount. The equilibrium quantity will ________ and the equilibrium price will ________.

Which of the following shifts the supply curve rightward?

When the demand curve shifts rightward and the supply curve shifts leftward, then the equilibrium price ________ and the equilibrium quantity ________.

-In the figure above, which movement could be the result of the development of a new, more efficient refining technology?

-The above table shows the demand schedule and supply schedule for chocolate chip cookies. What is the equilibrium quantity and equilibrium price for chocolate chip cookies?

Demands differ from wants because

A surplus occurs when the price is

In a supply and demand figure, the equilibrium price and quantity are found at the

-The above figures show the market for hamburger meat. Which figure shows the effect of a decrease in the price of a substitute like hot dogs?

For consumers, goods A and B are complementary goods. The cost of a resource used in the production of A decreases. As a result

The price of the steel used to produce car engines increases. How does this price hike affect the demand curve for cars?

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

The equilibrium price will rise and the equilibrium quantity might increase, decrease, or stay the same when the

Which of the following is TRUE?

In a market, at the equilibrium price

In 2014, the price of peanuts increased. In the market for peanut butter, this change lead to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter.

A relative price is

The Market for Wapanzo Beans Quantity Demanded Price Quantity Supplied (millions of pounds (dollars per (millions of pounds per year) pound) per year) -Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is a drought in the wapanzo bean growing region then supply will ________ and demand will ________.

A recession occurs and people's incomes decrease. Knowing that an iPad is a normal good, you predict that the demand for an iPad

Flights to Paris are a normal good and people's incomes rise. At the same time, the price of jet fuel rises. The equilibrium price of a flight to Paris ________ and the equilibrium quantity of flights to Paris ________.