Exam 2: The Operation of a Market

Which of the following, by itself, might shift the demand curve for gasoline to the left?

The law of downward-sloping demand states that:

An increase in the price of gasoline will:

The quantity supplied of any product:

If the price of a product increased from $28 to $32 and quantity demanded decreased from 102 to 98 units, the demand is said to be:

The coefficient of price elasticity of demand is calculated by:

If beef and pork are substitutes for each other, an increase in the price of beef will:

If a 20 percent increase in the price led to a 15 percent increase in quantity supplied, the elasticity of supply is:

If the quantity supplied of a product remains the same regardless of the price, the supply is:

When we say that there has been a decrease in the demand for beef we mean that:

If the price of a product decreased from $11 to $9 and the quantity supplied decreased from 61 to 59 units, the supply is said to be:

A shift to the right in the demand curve for product X could be caused by:

Which of the following will increase a typical student's demand for pizza?

When we refer to an increase in supply we mean:

The term equilibrium in market analysis means:

If the price of a product increases by 6 percent and the quantity demanded falls by 10 percent, the demand for this product is:

If the market price for a product is above the equilibrium price:

If potatoes and rice are substitutes for each other, an increase in the price of potatoes will:

All of the following factors influence the demand for a product except:

Which of the following products is likely to have the most inelastic demand?