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

Figure 3.7 -Refer to Figure 3.7.Assume that the graphs in this figure represent the demand and supply curves for rice.What happens in this market if buyers expect the price of rice to fall?

(Multiple Choice)

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Question 121

Figure 3.8 -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?

(Multiple Choice)

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Question 122

Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen.One can conclude that

(Multiple Choice)

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Question 123

If Red Bull and Beaver Buzz Energy are considered substitutes, then, other things equal, an increase in the price of the Red Bull will

(Multiple Choice)

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Question 124

Figure 3.5 -Refer to Figure 3.5.At a price of $15

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Question 125

Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each.This year, the company supplied the same quantity of ceramic pots at $55 each.Based on this evidence, The Pottery Palace has experienced

(Multiple Choice)

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Question 126

A decrease in the equilibrium price for a product will result

(Multiple Choice)

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Question 127

All else equal, a successful marketing campaign for energy drinks would cause the equilibrium price of energy drinks to and the equilibrium quantity of energy drinks to .

(Multiple Choice)

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Question 128

Table 3.3 Demand Supply P=80-QD P=50+1/2QS QD=80-P QS=2P-100 -Refer to Table 3.3.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.What are the equilibrium price and quantity (in thousands)for Chef Ernie's sushi?

(Multiple Choice)

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Question 129

Figure 3.1 -Refer to Figure 3.1.An increase in population would be represented by a movement from

(Multiple Choice)

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Question 130

The supply curve for watches

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Question 131

Danielle Ocean pays for monthly pool maintenance for her home swimming pool.Last week the owner of the pool service informed Danielle that she will have to raise her monthly service fee because of increases in the price of pool chemicals.How is the market for pool maintenance services affected by this?

(Multiple Choice)

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Question 132

Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

(Multiple Choice)

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Question 133

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?

(Multiple Choice)

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Question 134

Figure 3.5 -Refer to Figure 3.5.In a free market such as that depicted above, a surplus is eliminated by

(Multiple Choice)

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Question 135

"The price of compact fluorescent light bulbs fell because of improvements in production technology.As a result, the demand for incandescent light bulbs decreased.This caused the price of incandescent light bulbs to fall; as the price of incandescent light bulbs fell the demand for incandescent light bulbs decreased even further." Evaluate this statement.

(Multiple Choice)

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Question 136

The demand by all the consumers of a given good or service is the ________ for the good or service.

(Multiple Choice)

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Question 137

Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?

(Multiple Choice)

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Question 138

Figure 3.2 -Refer to Figure 3.2.An increase in the number of firms in the market would be represented by a movement from

(Multiple Choice)

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Question 139

Which of the following statements is true?

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Question 140

Showing 121 - 140 of 159

Figure 3.7 -Refer to Figure 3.7.Assume that the graphs in this figure represent the demand and supply curves for rice.What happens in this market if buyers expect the price of rice to fall?

Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen.One can conclude that

If Red Bull and Beaver Buzz Energy are considered substitutes, then, other things equal, an increase in the price of the Red Bull will

Figure 3.5 -Refer to Figure 3.5.At a price of $15

Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each.This year, the company supplied the same quantity of ceramic pots at $55 each.Based on this evidence, The Pottery Palace has experienced

A decrease in the equilibrium price for a product will result

All else equal, a successful marketing campaign for energy drinks would cause the equilibrium price of energy drinks to and the equilibrium quantity of energy drinks to .

Table 3.3 Demand Supply P=80-QD P=50+1/2QS QD=80-P QS=2P-100 -Refer to Table 3.3.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.What are the equilibrium price and quantity (in thousands)for Chef Ernie's sushi?

Figure 3.1 -Refer to Figure 3.1.An increase in population would be represented by a movement from

The supply curve for watches

Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

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?

Figure 3.5 -Refer to Figure 3.5.In a free market such as that depicted above, a surplus is eliminated by

The demand by all the consumers of a given good or service is the ________ for the good or service.

Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?

Figure 3.2 -Refer to Figure 3.2.An increase in the number of firms in the market would be represented by a movement from

Which of the following statements is true?

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Economic Efficiency, Government Price Setting, and Taxes

Externalities, Environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, Production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

The Markets for Labour and Other Factors of Production

Public Choice, Taxes, and the Distribution of Income

Pricing Strategy

Firms, the Stock Market, and Corporate Governance

Filters

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

Figure 3.7 -Refer to Figure 3.7.Assume that the graphs in this figure represent the demand and supply curves for rice.What happens in this market if buyers expect the price of rice to fall?

Assume that the hourly price for the services of tarot card readers has risen and sales of these services have also risen.One can conclude that

If Red Bull and Beaver Buzz Energy are considered substitutes, then, other things equal, an increase in the price of the Red Bull will

Figure 3.5 -Refer to Figure 3.5.At a price of $15

Last year, the Pottery Palace supplied 8,000 ceramic pots at $40 each.This year, the company supplied the same quantity of ceramic pots at $55 each.Based on this evidence, The Pottery Palace has experienced

A decrease in the equilibrium price for a product will result

All else equal, a successful marketing campaign for energy drinks would cause the equilibrium price of energy drinks to ________ and the equilibrium quantity of energy drinks to ________.

Table 3.3 Demand Supply P=80-QD P=50+1/2QS QD=80-P QS=2P-100 -Refer to Table 3.3.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.What are the equilibrium price and quantity (in thousands)for Chef Ernie's sushi?

Figure 3.1 -Refer to Figure 3.1.An increase in population would be represented by a movement from

The supply curve for watches

Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase?

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?

Figure 3.5 -Refer to Figure 3.5.In a free market such as that depicted above, a surplus is eliminated by

The demand by all the consumers of a given good or service is the ________ for the good or service.

Which of the following would cause a decrease in the equilibrium price and an increase in the equilibrium quantity of salmon?

Figure 3.2 -Refer to Figure 3.2.An increase in the number of firms in the market would be represented by a movement from

Which of the following statements is true?

Economics: Foundations and Models

Trade-Offs, Comparative Advantage, and the Market System

Economic Efficiency, Government Price Setting, and Taxes

Externalities, Environmental Policy, and Public Goods

Elasticity: the Responsiveness of Demand and Supply

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, Production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

The Markets for Labour and Other Factors of Production

Public Choice, Taxes, and the Distribution of Income

Pricing Strategy

Firms, the Stock Market, and Corporate Governance

Filters

All else equal, a successful marketing campaign for energy drinks would cause the equilibrium price of energy drinks to and the equilibrium quantity of energy drinks to .