Exam 4: Demand, Supply, and Markets.

If the demand for personal computers increases as the result of an increase in income, _____

If Good A and Good B are complements, then a decrease in the price of Good B _____

Which of the following will cause the demand curve for a normal good to shift to the right?

As the price of pizza increases, pizza chains are generally willing to sell a larger quantity of pizza in the market. Pizza chains are demonstrating _____

Table 4.2 Table 4.2 Price per Pizza (\ ) Quantity Supplied per Week (millions) 15 28 12 24 9 20 6 16 3 12 -Refer to the market supply schedule for pizza in Table 4.2. When the price falls from $15 to $6, what is the change in quantity supplied in the pizza market?

_____ is the relation between the price of a good and the quantity an individual producer is willing and able to sell per period, other things constant.

Exhibit 4.1 -Refer to Exhibit 4.1 for the demand curves of baby formula. Which of the following changes is likely to be caused by an increase in the birth rate?

Two goods are considered substitutes only if a(n) _____

Exhibit 4.6 -The Exhibit given below shows the market for a good. D and S are the demand curve and the supply curve, respectively. Which of the following is least likely to shift the demand curve from D to D'?

Suppose a market is in equilibrium. An increase in demand in this market, all other things remaining constant, will lead to a(n) _____

Exhibit 4.7 -If the government imposes a ceiling price on apartment rents, we would expect to observe all of the following, except one. Which of the following is the exception?

Suppose the market for wheat is initially in equilibrium. In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?

Table 4.3 $\begin{array} { | c | c | c | } \hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \\\hline 1.0 & 100 & 10 \\\hline 1.20 & 90 & 30 \\\hline 1.40 & 80 & 50 \\\hline 1.50 & 70 & 70 \\\hline 1.60 & 60 & 90 \\\hline\end{array}$ -The table given below shows the quantity supplied and the quantity demanded of a good at different prices. If the price of the good described in the table given below is $1.50, then _____

Table 4.1 + Table 4.1 Cards Don Jon Ron \ 2 3 2 1 \ 1.50 4 5 3 -Refer to the demand schedule in Table 4.1. There are three consumers in the market for playing cards: Don, Jon, and Ron. At a price of $1.50 per pack, what is the total quantity demanded for playing cards?

If the price of potato chips increases, other things constant, the demand for potato chip dips will _____

The income effect of a decrease in the price of potatoes, an inferior good, is a(n) _____

How would a growing Latino population affect the demand for Latino foods?

Table 4.1 + Table 4.1 Cards Don Jon Ron \ 2 3 2 1 \ 1.50 4 5 3 -Refer to the demand schedule in Table 4.1. There are three consumers in the market for playing cards: Don, Jon, and Ron. When the price decreases from $2 to $1.50 per pack, what is the change in total quantity demanded for playing cards?

Jennifer expects the price of chewing gum to go up by 10 percent next week. Which of the following is the most likely result of such an expectation?

_____ is a temporary mismatch between quantity supplied and quantity demanded as the market seeks equilibrium.