Exam 3: Demand and Supply

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When quantity supplied equals quantity demanded

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A shortage of a good means

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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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Macaroni and cheese are considered to be

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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? -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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The law of demand states that

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A vertical supply curve for fish represents a

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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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The law of demand says that the lower the price, the

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If supply increases and demand decreases, then the equilibrium price

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Advertising attempts to influence which of the following?

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A market-day supply curve is

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A demand curve shows

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A simultaneous increase in demand and supply leads to an increase in price.

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