Exam 2: The Operation of a Market

Which of the following would not cause a decrease in the supply of automobiles?

If products A and B are substitutes for each other, and the price of A increases:

Which of the following does not help determine the elasticity of supply?

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

Which of the following will increase the supply of new construction?

Which of the following will not cause the supply curve for tomatoes to shift to the left?

A perfectly inelastic demand curve is:

A shift to the left in the demand curve for product Y could be caused by:

The introduction of labour-saving machinery in the production of automobiles will:

If Jones' Manufacturing sold 500 belts at $15 each last month and 450 belts at the same price this month, it can be said that the company has had:

In drawing the supply curve for cars, which of the following do we keep constant?

Assuming that the market for fossil fuels is in equilibrium, the introduction of a smart car would:

If the market for jelly beans is in equilibrium and the demand for jelly beans increases:

When we say that the demand for a product is elastic we mean:

The demand curve for houses will not change if there is a change in:

If an increase in the price of a product leads to a decrease in total revenue, the demand for this product is:

If consumers spend a fixed amount of money on a product regardless of the price, the demand Can be said to be:

If consumers expect gold prices to increase in the future:

If potatoes and rice are substitutes for each other, then a decrease in the price of potatoes will:

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