Exam 3: Demand and Supply

Peanut butter and jelly are complements for consumers. In 2015, the price of peanut butter increased. As a result, the ________ which lead to ________ in the price of jelly and ________ in the quantity of jelly.

Which of the following does NOT shift the supply curve?

-The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are a normal good?

-The above figures show the market for gasoline. Which figure(s) shows the effect of a new U.S. tax on oil that suppliers must pay?

An increase in the price of the cheese used to produce pizza shifts the supply curve of pizza ________ and shifts the demand curve for pizza ________.

An increase in technology will shift the good's supply curve rightward.

A fall in the price of wheat fertilizer ________ the equilibrium price of wheat and ________ the equilibrium quantity of wheat.

-The above table gives the demand and supply schedules for cat food. If the price is $1.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?

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

Kelly graduates and her income increases by $25,000 a year. Other things remaining the same, she increases the quantity of clothes she buys. For Kelly, clothes are

In March, the quantity of orange juice sold in the town of Jackson was 3000 cartons and the price $3. In May, the quantity of orange juice sold in the town of Jackson was 3500 cartons and the price was $3.20. This change in the price and quantity sold could have been the result of

Explain how price can be a regulator, that is, how it can coordinate the plans of buyers and sellers.

If the price of an Xbox player falls, then in the market for Xbox games

The "law of demand" states that, other things remaining the same, the quantity demanded of any good is

A change in the price of a good

Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is TRUE?

If the demand curve for bottled water shifts rightward and the supply curve of bottled water shifts leftward, the equilibrium

-The above figures show the market for oranges. Which figure(s) shows the effect of new successful advertising campaigns to eat more oranges?

The price of a DVD rental is $2.50 and the price of a downloaded movie is $1.00. If the price of a DVD rental falls by $0.50, the relative price a downloaded movie

If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium quantity is Q* = (a - c) / (b + d).