Exam 3: Demand and Supply

If the price of a candy bar is $1 and the price of a fast food meal is $5, then the

Oatmeal is a normal good and cold cereal is a substitute for oatmeal. Raisins are a complement for oatmeal. Which of the following increases the demand for oatmeal?

Which of the following always lowers the equilibrium price?

-In the above figure, a change in quantity demanded with unchanged demand is represented by a movement from

The relative price of a good is

-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 compact disc will ________.

If both demand and supply increase, what will be the effect on the equilibrium price and quantity?

If a producer can use resources to produce either good A or good B, then A and B are

An increase in the number of consumers

A demand curve is also a willingness-and-ability-to-pay curve.

-Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. An increase in the price of a soda results in a movement to a point such as

Wants, as opposed to demands

In 2014, the price of peanuts was rising, which lead peanut butter sellers to expect the price of peanut butter would rise in the future. Consequently, in the current market for peanut butter there was ________ which resulted in ________ in the price of peanut butter and ________ in the quantity of peanut butter.

Young drivers often buy used cars. An increase in the legal driving age to twenty-one would result in a leftward movement along the demand curve for used cars, whereas lowering the age to fifteen would result in a rightward movement along the demand curve.

-In the above figure, if the price is $8 then there is a

The "law of demand" predicts that, other things being equal

Beef and leather belts are complements in production. If people's concern about health shifts the demand curve for beef leftward, the result in the market for leather belts will be a

-The above figures show the market for gasoline. Which figure(s) shows the effect of a decision by the OPEC countries in the Middle East to export less oil to the rest of the world?

Which of the following shifts the supply curve of broccoli?

For normal goods which of the following explains why demand curves slope downward?