Exam 4: The Market Forces of Supply and Demand.

What will happen to the equilibrium price of new textbooks if more students attend college,paper becomes cheaper,textbook authors accept lower royalties,and fewer used textbooks are sold?

If a firm is a price taker,it operates in a

The sum of all the individual demand curves for a product is called

Figure 4-11 -Refer to Figure 4-11.If these are the only two sellers in the market,then the market quantity supplied at a price of $8 is

Figure 4-6 -Refer to Figure 4-6.The movement from D to D' could be caused by

Which of these statements does not apply to market economies?

Figure 4-4 -Refer to Figure 4-4.Which of the following would cause the demand curve to shift from Demand C to Demand A in the market for DVDs?

Figure 4-7 -Refer to Figure 4-7.The graphs show the demand for cigarettes.In Panel (a),the arrows are consistent with which of the following events?

Pens are normal goods.What will happen to the equilibrium price of pens if the price of pencils rises,consumers experience an increase in income,writing in ink becomes fashionable,people expect the price of pens to rise in the near future,the population increases,fewer firms manufacture pens,and the wages of pen-makers increase?

If buyers and sellers in a certain market are price takers,then individually

Table 4-7 -Refer to Table 4-7.If the price were $4,a

When quantity supplied decreases at every possible price,we know that the supply curve has

When an increase in the price of one good lowers the demand for another good,the two goods are called complements.

Two goods are substitutes when a decrease in the price of one good

A decrease in the price of a complement will shift the demand curve for a good to the left.

Table 4-6 -Refer to Table 4-6.Which combination would produce a decrease in equilibrium price and an indeterminate change in equilibrium quantity?

Table 4-5 -Refer to Table 4-5.If these are the only four sellers in the market,then when the price decreases from $10 to $8,the market quantity supplied decreases by

The highest form of competition is called

Suppose there is an earthquake that destroys several corn canneries.Which of the following would not be a direct result of this event?

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for winter coats?