Table 3-4 \[\begin{array} { | c | c | c | c | c | } \begin{array} { c } \text { Cashews } \\ \text { Priceper lb. } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Jordy's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Amy's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Rest af } \\ \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} \\ \hline \$ 10 & 1 & 1 & 50 & \\ \hline 8 & 2 & 3 & 70 & \\ \hline 6 & 3 & 5 & 95 & \\ \hline 4 & 5 & 9 & 128 & \\ \hline 2 & 8 & 14 & 156 & \\ \hline \end{array}\] -Refer to Table 3-4.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.If the price of cashews rises from $4 to $6,the market quantity demanded would

A) decrease by 33 lbs. B) increase by 39 lbs. C) increase by 33 lbs. D) decrease by 39 lbs. A) decrease by 33 lbs. B) increase by 39 lbs. C) increase by 33 lbs. D) decrease by 39 lbs.

Table 3-2 \[\begin{array} { | c | c | c | c | c | } \hline \begin{array} { c } \text { Caviar } \\ \text { Price per oz. } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Ari's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (oz.) } \end{array} & \begin{array} { c } \text { Sonia's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (oz.) } \end{array} & \begin{array} { c } \text { Rest of } \\ \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (oz.) } \end{array} & \begin{array} { c } \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (oz.) } \end{array} \\ \hline \$ 75 & 6 & 0 & 46 & \\ \hline 65 & 18 & 6 & 64 & \\ \hline 55 & 28 & 14 & 136 & \\ \hline 45 & 36 & 24 & 170 & \\ \hline 35 & 44 & 36 & 220 & \\ \hline \end{array}\] -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar rises from $65 to $75,the market quantity demanded would

A) decrease by 36 oz. B) increase by 52 oz. C) increase by 36 oz. D) decrease by 52 oz. A) decrease by 36 oz. B) increase by 52 oz. C) increase by 36 oz. D) decrease by 52 oz.

Table 3-4 \[\begin{array} { | c | c | c | c | c | } \begin{array} { c } \text { Cashews } \\ \text { Priceper lb. } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Jordy's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Amy's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Rest af } \\ \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} & \begin{array} { c } \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lbs) } \end{array} \\ \hline \$ 10 & 1 & 1 & 50 & \\ \hline 8 & 2 & 3 & 70 & \\ \hline 6 & 3 & 5 & 95 & \\ \hline 4 & 5 & 9 & 128 & \\ \hline 2 & 8 & 14 & 156 & \\ \hline \end{array}\] -Refer to Table 3-4.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.At a price of $6,the quantity demanded in the market would be

A) 87 lbs. B) 95 lbs. C) 103 lbs D) 215 lbs. A) 87 lbs. B) 95 lbs. C) 103 lbs D) 215 lbs.

Table 3-3 \[\begin{array} { | c | c | c | c | c | } \hline \begin{array} { c } \text { Kona Coffee } \\ \text { Priceper lb. } \\ \text { (dollars) } \end{array} & \begin{array} { c } \text { Luke's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lb.) } \end{array} & \begin{array} { c } \text { Ravi's } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lb.) } \end{array} & \begin{array} { c } \text { Rest of } \\ \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lb.) } \end{array} & \begin{array} { c } \text { Market } \\ \text { Quantity } \\ \text { Demanded } \\ \text { (lb.) } \end{array} \\ \hline \$ 10 & 3 & 0 & 23 & \\ \hline 8 & 9 & 3 & 32 & \\ \hline 6 & 14 & 7 & 68 & \\ \hline 5 & 18 & 12 & 85 & \\ \hline 4 & 22 & 18 & 110 & \\ \hline \end{array}\] -Refer to Table 3-3.The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi)and the rest of the market.At a price of $4,the quantity demanded in the market would be

A) 40 lb. B) 70 lb. C) 110 lb. D) 150 lb. A) 40 lb. B) 70 lb. C) 110 lb. D) 150 lb.

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

Let D= demand,S = supply,P = equilibrium price,Q= equilibrium quantity.What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

(Multiple Choice)

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Question 381

Table 3-4 Cashews Priceper lb. (dollars) Jordy's Quantity Demanded (lbs) Amy's Quantity Demanded (lbs) Rest af Market Quantity Demanded (lbs) Market Quantity Demanded (lbs) \ 10 1 1 50 8 2 3 70 6 3 5 95 4 5 9 128 2 8 14 156 -Refer to Table 3-4.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.If the price of cashews rises from $4 to $6,the market quantity demanded would

(Multiple Choice)

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Question 382

Figure 3-1 -Refer to Figure 3-1.If the product represented is an inferior good,an increase in income would be represented by a movement from

(Multiple Choice)

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Question 383

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for mustard and that bratwurst and mustard are complements.What panel describes what happens in this market when the price of bratwurst falls?

(Multiple Choice)

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Question 384

A surplus is defined as the situation that exists when the quantity of a good supplied is greater than the quantity demanded.

(True/False)

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Question 385

Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right,but the supply curve shifts less than the demand curve.As a result

(Multiple Choice)

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Question 386

Table 3-2 Caviar Price per oz. (dollars) Ari's Quantity Demanded (oz.) Sonia's Quantity Demanded (oz.) Rest of Market Quantity Demanded (oz.) Market Quantity Demanded (oz.) \ 75 6 0 46 65 18 6 64 55 28 14 136 45 36 24 170 35 44 36 220 -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar rises from $65 to $75,the market quantity demanded would

(Multiple Choice)

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Question 387

An increase in the price of off-road vehicles will result in

(Multiple Choice)

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Question 388

An increase in the quantity of a product supplied is caused by an increase in the price of the product.

(True/False)

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Question 389

Ranchers can raise either cattle or sheep on their land.Which of the following would cause the supply of sheep to increase?

(Multiple Choice)

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Question 390

The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power.

(Multiple Choice)

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Question 391

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 392

It is possible for a market for a good to experience a surplus and a shortage at the same time.

(True/False)

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Question 393

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

(Multiple Choice)

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Question 394

Table 3-4 Cashews Priceper lb. (dollars) Jordy's Quantity Demanded (lbs) Amy's Quantity Demanded (lbs) Rest af Market Quantity Demanded (lbs) Market Quantity Demanded (lbs) \ 10 1 1 50 8 2 3 70 6 3 5 95 4 5 9 128 2 8 14 156 -Refer to Table 3-4.The table above shows the demand schedules for cashews of two individuals (Jordy and Amy)and the rest of the market.At a price of $6,the quantity demanded in the market would be

(Multiple Choice)

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Question 395

Figure 3-2 -Refer to Figure 3-2.An increase in the price of substitutes in production would be represented by a movement from

(Multiple Choice)

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Question 396

Let D = demand,S = supply,P = equilibrium price,Q = equilibrium quantity.What happens in the market for sushi if the Surgeon General announces that a majority of the raw fish that is imported to make sushi contains high levels of toxic mercury?

(Multiple Choice)

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Question 397

Discuss the correct and incorrect economic analysis in the following statements. "If good weather in Hawaii creates a bumper crop of pineapples,the supply of pineapples will increase.This will result in a price decrease,which will then cause the supply of pineapples to decrease."

(Essay)

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Question 398

Table 3-3 Kona Coffee Priceper lb. (dollars) Luke's Quantity Demanded (lb.) Ravi's Quantity Demanded (lb.) Rest of Market Quantity Demanded (lb.) Market Quantity Demanded (lb.) \ 10 3 0 23 8 9 3 32 6 14 7 68 5 18 12 85 4 22 18 110 -Refer to Table 3-3.The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi)and the rest of the market.At a price of $4,the quantity demanded in the market would be

(Multiple Choice)

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Question 399

Figure 3-5 -Refer to Figure 3-5.At a price of $20

(Multiple Choice)

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Question 400

Let D= demand,S = supply,P = equilibrium price,Q= equilibrium quantity.What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?

Figure 3-1 -Refer to Figure 3-1.If the product represented is an inferior good,an increase in income would be represented by a movement from

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for mustard and that bratwurst and mustard are complements.What panel describes what happens in this market when the price of bratwurst falls?

A surplus is defined as the situation that exists when the quantity of a good supplied is greater than the quantity demanded.

Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right,but the supply curve shifts less than the demand curve.As a result

An increase in the price of off-road vehicles will result in

An increase in the quantity of a product supplied is caused by an increase in the price of the product.

Ranchers can raise either cattle or sheep on their land.Which of the following would cause the supply of sheep to increase?

The ________ effect of a price change refers to the impact of a change in the price of a good on a consumer's purchasing power.

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

It is possible for a market for a good to experience a surplus and a shortage at the same time.

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

Figure 3-2 -Refer to Figure 3-2.An increase in the price of substitutes in production would be represented by a movement from

Let D = demand,S = supply,P = equilibrium price,Q = equilibrium quantity.What happens in the market for sushi if the Surgeon General announces that a majority of the raw fish that is imported to make sushi contains high levels of toxic mercury?

Discuss the correct and incorrect economic analysis in the following statements. "If good weather in Hawaii creates a bumper crop of pineapples,the supply of pineapples will increase.This will result in a price decrease,which will then cause the supply of pineapples to decrease."

Figure 3-5 -Refer to Figure 3-5.At a price of $20

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Market Efficiency and Market Failure

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Consumer Choice and Elasticity

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopoly and Antitrust Policy

Monopolistic Competition and Oligopoly

Gdp: Measuring Total Production and Income

Unemployment and Inflation

Economic Growth, the Financial System, and Business Cycles

Aggregate Demand and Aggregate Supply Analysis

Money, banks, and the Federal Reserve System

Monetary Policy

Fiscal Policy

Comparative Advantage, international Trade, and Exchange Rates

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