Exam 3: Demand and Supply
Exam 1: Introduction150 Questions
Exam 2: Production Possibilities and Opportunity Costs166 Questions
Exam 3: Demand and Supply144 Questions
Exam 4: Elasticity160 Questions
Exam 5: Happiness, Utility, and Consumer Choice152 Questions
Exam 6: Price Ceilings and Price Floors159 Questions
Exam 7: Entrepreneurship and Business Ownership152 Questions
Exam 8: Costs of Production142 Questions
Exam 9: Maximizing Profit156 Questions
Exam 10: Identifying Markets and Market Structures181 Questions
Exam 11: Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition185 Questions
Exam 12: Price and Output Determination Under Oligopoly193 Questions
Exam 13: Antitrust and Regulation157 Questions
Exam 14: Externalities, Market Failure, and Public Choice183 Questions
Exam 15: Wage Rates in Competitive Labor Markets164 Questions
Exam 16: Wages and Employment: Monopsony and Labor Unions164 Questions
Exam 17: Interest, Rent, and Profit184 Questions
Exam 18: Income Distribution and Poverty161 Questions
Exam 19: International Trade167 Questions
Exam 20: Exchange Rates, Balance of Payments, and International Debt174 Questions
Exam 21: The Economic Problems of Less-Developed Economies115 Questions
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Harry owns a hot dog stand near campus. When a pizza stand opens next to Harry's hot dog stand, he finds that he has to lower the price of his hot dogs in order to attract the same number of customers. Explain why this is the case.
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Hooterville's Chamber of Commerce has been successful in its campaign to attractmanufacturing firms ("Locate here, we give a hoot!") and the community has experienced an increased average wage rate. Why?
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When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
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Consider a market that is initially in equilibrium. If we observe that both price and quantity increased, which of the following could have occurred?
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-In Exhibit C-1 on the previous page, which panel best depicts the law of demand as aneconomist would represent it?

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The supply schedule shows the relationship between price and quantity supplied.
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How does a change in demand differ from a change in the quantity demanded?
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The primary difference between a market-day supply curve and a short-run supply curve is the
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Some people worry that the fast food restaurant industry will have a harder time attracting teenage workers in the years to come because baby boomers had fewer children than earlier generations.
a. Explain how fewer teenagers might lead to higher hamburger prices
b. Explain how retirees, who need more supplemental income, might change your answer to part a.
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If supply increases and demand decreases, then the equilibrium price
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A simultaneous increase in demand and supply leads to an increase in price.
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