Exam 4: Demand and Supply

-In an effort to protect endangered species from the effects of logging in America's national forests,the federal government passes a law prohibiting logging in most of the state of Washington.Which of the figures above best illustrates the effect of this new law?

An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of

Which of the following describes the law of demand? When other things remain the same,as

When the price of oranges increases,

Suppose that the productivity used to produce computers advances.How does this change affect the supply of computers and the supply curve of computers?

The American Dairy Association starts a highly successful advertising campaign that makes most people want to drink more milk.As a result,

A demand curve

When a surplus of rice occurs,

Soda and hot dogs are complements for one another.If a shortage of carbonated water leads to an increase in the price of soda,then the

-Which figure above shows the effect of a decrease in the number of pizza sellers?

If the price of iPods decreases,

-In the above figure,an increase in cost of the cheese used to produce pizza

-The above figure shows the market for pizza.The market is in equilibrium when the wages paid pizza workers increases.What point represents the most likely new price and quantity?

Which of the following increases the demand for a good or service?

Price (dollars per cellular phone) Quantity demanded (thousands) Quantity supplied (thousands) 100 50 100 80 55 80 50 60 60 20 100 40 -Using the data in the table above,the equilibrium quantity and equilibrium price for a cellular telephone is

If the number of companies producing memory chips increases,then the

-The graph illustrates the supply of sweaters.As the technology used to produce sweaters improves,the

Car insurance and cars are complements.If the price of car insurance increases,the

Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel.If the price of diesel fuel falls,there is

A surplus of cardboard boxes means that