Exam 3: Demand and Supply

Assume a market initially exhibits a shortage.Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?

(Multiple Choice)

4.9/5

(34)

Question 61

Use the following to answer questions Exhibit: Demand and Supply -(Exhibit: Demand and Supply) Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

(Multiple Choice)

5.0/5

(43)

Question 62

A decrease in price will lead to an increase in the quantity demanded.

(True/False)

4.8/5

(39)

Question 63

Consumer preferences are a demand shifter.

(True/False)

4.8/5

(34)

Question 64

Use the following to answer questions Exhibit: Demand Shifters and Supply Shifters -(Exhibit: Demand Shifters and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events.Suppose the technology for producing automotive gasoline improves.Which panel best describes how this will affect the market for automotive gasoline?

(Multiple Choice)

4.7/5

(35)

Question 65

A market surplus occurs if the quantity:

(Multiple Choice)

4.8/5

(41)

Question 66

If the price in the market for a commodity is below the equilibrium price, the:

(Multiple Choice)

4.8/5

(37)

Question 67

Demand and supply curves are drawn assuming ceteris paribus.This means that:

(Multiple Choice)

4.8/5

(49)

Question 68

After graduation from college you will receive a substantial increase in your income from a new job.If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n) :

(Multiple Choice)

4.9/5

(33)

Question 69

Use the following to answer questions Exhibit: Demand and Supply Shifters -The price of cotton rises.What happens in the market for cotton shirts?

(Multiple Choice)

4.9/5

(41)

Question 70

Use the following to answer questions Exhibit: Demand and Supply Shifters -There is an increase in incomes.What happens in the market for steak?

(Multiple Choice)

4.9/5

(22)

Question 71

Use the following to answer questions Exhibit: The Demand for Music Downloads -(Exhibit: The Demand for music downloads) A decrease in the price of iPods and other similar devices would result in a change illustrated by:

(Multiple Choice)

4.8/5

(31)

Question 72

Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts is 60 cents, the quantity demanded by George is ________ bags per month.

(Multiple Choice)

4.9/5

(35)

Question 73

If economists say, "the price is too high," they mean that:

(Multiple Choice)

4.9/5

(36)

Question 74

It's certain that the equilibrium price will fall when:

(Multiple Choice)

4.9/5

(35)

Question 75

The slope and location of the demand curve depend on:

(Multiple Choice)

4.9/5

(40)

Question 76

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 the Surgeon General announces that eating chocolate prevents heart disease.Which panel best describes how this will affect the market for chocolate?

(Multiple Choice)

4.7/5

(33)

Question 77

Use the following to answer questions Exhibit: Demand and Supply Schedules for a Good -A decrease in supply, with no change in demand, will lead to in equilibrium quantity and in equilibrium price.

(Multiple Choice)

4.8/5

(31)

Question 78

Use the following to answer questions Exhibit: The Determinants of Demand and Supply -(Exhibit: The Determinants of Demand and Supply) The exhibit shows how supply and demand might shift in response to specific events.Suppose consumer incomes increase.Which panel best describes how this will affect the market for used furniture, an inferior good?

(Multiple Choice)

4.7/5

(40)

Question 79

If a market reflects a shortage and prices are allowed to move:

(Multiple Choice)

4.8/5

(47)

Question 80

Showing 61 - 80 of 243

Assume a market initially exhibits a shortage.Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?

Use the following to answer questions Exhibit: Demand and Supply -(Exhibit: Demand and Supply) Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

A decrease in price will lead to an increase in the quantity demanded.

Consumer preferences are a demand shifter.

A market surplus occurs if the quantity:

If the price in the market for a commodity is below the equilibrium price, the:

Demand and supply curves are drawn assuming ceteris paribus.This means that:

After graduation from college you will receive a substantial increase in your income from a new job.If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n) :

Use the following to answer questions Exhibit: Demand and Supply Shifters -The price of cotton rises.What happens in the market for cotton shirts?

Use the following to answer questions Exhibit: Demand and Supply Shifters -There is an increase in incomes.What happens in the market for steak?

Use the following to answer questions Exhibit: The Demand for Music Downloads -(Exhibit: The Demand for music downloads) A decrease in the price of iPods and other similar devices would result in a change illustrated by:

Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts is 60 cents, the quantity demanded by George is ________ bags per month.

If economists say, "the price is too high," they mean that:

It's certain that the equilibrium price will fall when:

The slope and location of the demand curve depend on:

Use the following to answer questions Exhibit: Demand and Supply Schedules for a Good -A decrease in supply, with no change in demand, will lead to in equilibrium quantity and in equilibrium price.

If a market reflects a shortage and prices are allowed to move:

Economics: the Study of Choice

Confronting Scarcity: Choices in Production

Applications of Supply and Demand

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters

Exam 3: Demand and Supply

Assume a market initially exhibits a shortage.Assuming that both prices and quantities are flexible, which of the following will be true after the market adjusts to equilibrium?

Use the following to answer questions Exhibit: Demand and Supply -(Exhibit: Demand and Supply) Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

A decrease in price will lead to an increase in the quantity demanded.

Consumer preferences are a demand shifter.

A market surplus occurs if the quantity:

If the price in the market for a commodity is below the equilibrium price, the:

Demand and supply curves are drawn assuming ceteris paribus.This means that:

After graduation from college you will receive a substantial increase in your income from a new job.If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n) :

Use the following to answer questions Exhibit: Demand and Supply Shifters -The price of cotton rises.What happens in the market for cotton shirts?

Use the following to answer questions Exhibit: Demand and Supply Shifters -There is an increase in incomes.What happens in the market for steak?

Use the following to answer questions Exhibit: The Demand for Music Downloads -(Exhibit: The Demand for music downloads) A decrease in the price of iPods and other similar devices would result in a change illustrated by:

Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts is 60 cents, the quantity demanded by George is ________ bags per month.

If economists say, "the price is too high," they mean that:

It's certain that the equilibrium price will fall when:

The slope and location of the demand curve depend on:

Use the following to answer questions Exhibit: Demand and Supply Schedules for a Good -A decrease in supply, with no change in demand, will lead to ________ in equilibrium quantity and ________ in equilibrium price.

If a market reflects a shortage and prices are allowed to move:

Economics: the Study of Choice

Confronting Scarcity: Choices in Production

Applications of Supply and Demand

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters

Use the following to answer questions Exhibit: Demand and Supply Schedules for a Good -A decrease in supply, with no change in demand, will lead to in equilibrium quantity and in equilibrium price.