Exam 3: Demand and Supply

The result of a successful advertising campaign is that people buy more of the good at every price. This is shown graphically as

A short-run supply curve is

Dolly the sheep made headlines in 1997 because she was the first mammal cloned from the cell of anothera dult mammal. This technique may eventually allow farmers to clone whole herds of healthy animals. a. Explain what effect a successful sheep cloning program could have on the market for lamb. b. Explain what effect a successful sheep cloning program could have on the markets for beef and chicken, assuming that cattle and chicken cannot be cloned.

A supply schedule shows the specific quantities of a good that suppliers are willing and able to

Hooterville has seen its population grow by 200% over the past decade (10 years). Urban sprawl has occurred as city services have been extended to formerly rural areas. Mark'sManhole Cover Company, Inc. has seen sales to the City of Hooterville triple during this period. This is most likely due to

The effect of a rise in peoples' incomes on equilibrium price and quantity of Florida orange juice is to

When Smartville's personal computer assembly plant closed, 30% of the community's labor force was laid off. Following this event Joe's New Car Dealership (NCD, Inc.) complained because the __________ new cars __________.

The quantity purchased and sold could either increase or decrease when both demand and supply decrease in a market.

-In Exhibit C-7, curve S₂ is not as responsive to changes in price as curve S₃ because S₂is a

If imports of Japanese automobiles are restricted, prices of U.S.-made automobiles in the United States will be higher than they would otherwise be.

-In Exhibit C-8, the shift from D₁ to D₂ represents a(n)

-In Exhibit C-1, which panel best depicts the long-run supply curve?

If consumer tastes shift away from mustard and toward salsa, then the

When a market is in equilibrium, excess demand and excess supply are zero.

When price falls, quantity demanded increases. This illustrates the

Which of the following will not shift the demand curve for grapefruit?

If two goods are substitutes, a(n)

When a firm advertises, it is attempting to

Frank owns Frank's Shoes. During a particular period, the price of shoes rises and Frank produces more shoes by hiring more workers and using more material, such as leather. However, he still works with the same size factory because he has a long-term lease.You know that

The time interval in which suppliers can change the quantity of all the resources they use to produce goods and services is called