Exam 3: Where Prices Come From: The Interaction of Demand and Supply

Which of the following generation categories has the largest population in the United States in 2020?

Use the following demand schedule for apples to draw a graph of the demand curve. Be sure to label the demand curve and each axis, and show each point on the demand curve.

Technological advancements have led to lower prices and an increase in the sale of digital cameras. How does this affect the digital photo printing paper market?

If the amount of athletic shoes purchased by millennials and members of generation Z increase as they choose to purchase these types of shoes compared to other types such as sandals and hiking boots, this will likely

As a result of fracking, ________ had become the world's largest oil producer in 2018.

-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D2 and S2 (point E). Which of the following changes would cause the equilibrium to change to point A?

Nearly one-fifth of China's 1.4 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?

How does the decreasing use of DVD players affect the market for DVDs?

Use the following supply schedule for cherries to draw a graph of the supply curve. Be sure to label the supply curve and each axis, and show each point on the supply curve.

In December 2019, the minimum age to purchase all tobacco products in the United States rose from 18 to 21. In much of Europe, the legal age to purchase tobacco products is still 18. If the legal age to purchase tobacco products in the United States was changed back to 18, how would this affect the market for cigarettes? All else equal, what would happen to the equilibrium price and quantity of cigarettes?

Suppose the cost of harvesting merino wool has risen at the same time as consumer preference for merino wool has risen. In the market for merino wool, this would result in the equilibrium price ________ and the equilibrium quantity ________.

Technological advances have resulted in lower prices for smart watches. What is the impact of this on the market for traditional watches?

-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If the price of oranges, a substitute for apples, decreases and the wages of apple workers increase, how will the equilibrium point change?

If consumers believe the price of OLED televisions will decrease in the future, this will cause the demand for OLED televisions to increase now.

A decrease in the price of dashboard cameras will result in

-Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D2 and S1 (point C). Which of the following changes would cause the equilibrium to change to point B?

Positive technological change in the production of OLED televisions caused the price of OLED televisions to fall. Holding everything else constant, how would this affect the market for Blu-ray players (a complement to OLED televisions)?

Select the phrase that correctly completes the following statement. "A positive change in technology caused an increase in the supply of OLED televisions. As a result ________."

The athletic shoe industry is highly competitive. In recent years, companies like Allbirds and Skechers began offering shoes made of different materials or in different styles to better compete with industry giants Nike and Adidas. These new styles of athletic shoes that are being marketed to compete with shoes by Nike and Adidas would be considered

Which of the following has occurred as the millennials and generation Z have come of age?