Exam 3: Demand and Supply

Use the following to answer questions Exhibit: Demand and Supply Shifters -(Exhibit: Demand and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events.Suppose oil becomes more expensive.Which panel best describes how this will affect the market for gasoline, which is made from oil?

An increase in demand, all other things unchanged, will result in a(n) ________ in the equilibrium price and a(n) ________ in the equilibrium quantity.

The Case in Point on campus parking suggested that giving students lower fares for taking public transportation was what kind of factor in the demand for parking spaces?

Use the following to answer questions Exhibit: Demand and Supply Shifters -The price of oranges rises.What happens in the market for apples, which are a substitute for oranges?

A decrease in the price of eggs, all other things unchanged, will result in a(n) :

Use the following to answer questions Exhibit: Demand and Supply Schedules for a Good -(Exhibit: Demand and Supply Schedules for a Good.) If there were an increase in demand by 50 units at each price, the equilibrium price and quantity would be ________ and ________ units, respectively.

Every day for the past two years you've had ham and cheese on a whole wheat bagel for lunch at Bungalow Bob's Bagel Boutique.However, the price of whole wheat bagels has risen by 10 cents so today you decide to have ham and cheese on a rye bagel.In this case, whole wheat and rye bagels are best considered:

At any price below the equilibrium price, the quantity demanded exceeds the quantity supplied, and the price tends to rise.

An increase in supply is caused by:

Supply is best defined as the:

Which of the following would not change the demand for automobiles?

A decrease in the price of milk (and ingredient of ice cream) Will result in a(n) :

The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:

Use the following to answer questions Exhibit: Demand and Supply of Wheat -If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to:

Economists know that a particular good can be classified as an inferior good if a(n) ________ in buyers' income causes a(n) ________ .

The Case in Point on obesity argues that agricultural innovation led to:

The Case in Point on obesity suggests that food prices are lower because of:

Use the following to answer questions Exhibit: Demand and Supply of Gasoline -(Exhibit: Demand and Supply of Gasoline) A factor that may have changed supply from S₁ to S₂ is:

Use the following to answer questions Exhibit: Demand and Supply of Wheat -(Exhibit: Demand and Supply of Wheat) What are the equilibrium price and quantity in this wheat market?

Use the following to answer questions Exhibit: Demand and Supply of Wheat -When the market price is established where demand and supply curves intersect: