A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a table that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange. C) is the relationship between the supply of a good and the cost of producing the good. D) is a curve that shows the relationship between the price of a product and the quantity of the product supplied. A) is a table that shows the relationship between the price of a product and the quantity of the product supplied. B) is a table that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange. C) is the relationship between the supply of a good and the cost of producing the good. D) is a curve that shows the relationship between the price of a product and the quantity of the product supplied.

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

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 D₂ and S₂ (point E). Which of the following changes would cause the equilibrium to change to point A?

(Multiple Choice)

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Question 41

The phrase 'demand has decreased' means that:

(Multiple Choice)

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Question 42

What is the ceteris paribus condition? _ _

(Essay)

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Question 43

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 44

Table 3.1 -Refer to Table 3.1. The table contains information about the corn market. Use the table to answer the following questions. a.What are the equilibrium price and quantity of corn? b.Suppose the prevailing price is $9 per kilogram. Is there a shortage or a surplus in the market? c.What is the quantity of the shortage or surplus? d.How many kilograms will be sold if the market price is $9 per kilogram? e.If the market price is $9 per kilogram, what must happen to restore equilibrium in the market? f.At what price will suppliers be able to sell 22 000 kilograms of corn? g.Suppose the market price is $21 per kilogram. Is there a shortage or a surplus in the market? h.What is the quantity of the shortage or surplus? i.How many kilograms will be sold if the market price is $21 per kilogram? j.If the market price is $21 per kilogram, what must happen to restore equilibrium in the market? _ _

(Essay)

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Question 45

A 'supply schedule':

(Multiple Choice)

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Question 46

Which of the following would shift the supply curve for tablet computers to the left?

(Multiple Choice)

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Question 47

Explain the differences between a 'change in supply' and a 'change in quantity supplied'. _ _

(Essay)

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Question 48

An increase in the price of inputs will cause the supply curve for a product to shift to the right.

(True/False)

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Question 49

Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. If the government taxes the activity of logging tropical forests, what happens in the market for tropical hardwood?

(Multiple Choice)

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Question 50

In February, market analysts predict that the price of titanium will rise in March. What happens in the titanium market in February, holding everything else constant?

(Multiple Choice)

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Question 51

A 'shortage' 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 52

'Market equilibrium' occurs where supply equals demand.

(True/False)

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Question 53

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

(True/False)

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Question 54

The equilibrium price will increase if the demand curve for a product shifts to the right and the supply curve for the product shifts to the left.

(True/False)

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Question 55

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.

(Essay)

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Question 56

If consumers expect that Apple will introduce a new model iPad soon, this will cause the demand for the current iPads will decrease now.

(True/False)

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Question 57

Which of the following statements is true?

(Multiple Choice)

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Question 58

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

(Multiple Choice)

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Question 59

As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise.

(True/False)

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Question 60

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 D₂ and S₂ (point E). Which of the following changes would cause the equilibrium to change to point A?

The phrase 'demand has decreased' means that:

What is the ceteris paribus condition? _ _

Figure 3.2 -Refer to Figure 3.2. An increase in the price of substitutes in production would be represented by a movement from:

A 'supply schedule':

Which of the following would shift the supply curve for tablet computers to the left?

Explain the differences between a 'change in supply' and a 'change in quantity supplied'. _ _

An increase in the price of inputs will cause the supply curve for a product to shift to the right.

Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. If the government taxes the activity of logging tropical forests, what happens in the market for tropical hardwood?

In February, market analysts predict that the price of titanium will rise in March. What happens in the titanium market in February, holding everything else constant?

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

'Market equilibrium' occurs where supply equals demand.

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

The equilibrium price will increase if the demand curve for a product shifts to the right and the supply curve for the product shifts to the left.

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.

If consumers expect that Apple will introduce a new model iPad soon, this will cause the demand for the current iPads will decrease now.

Which of the following statements is true?

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

As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise.

Economics: Foundations and Models

Choices and Trade Offs in the Market

Gdp: Measuring Total Production, Income and Economic Growth

Economic Growth, the Financial System and Business Cycles

Long-Run Economic Growth: Sources and Policies

Unemployment

Inflation

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

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

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 D₂ and S₂ (point E). Which of the following changes would cause the equilibrium to change to point A?

The phrase 'demand has decreased' means that:

What is the ceteris paribus condition? _____________________________________________________________________________________________ _____________________________________________________________________________________________

Figure 3.2 -Refer to Figure 3.2. An increase in the price of substitutes in production would be represented by a movement from:

A 'supply schedule':

Which of the following would shift the supply curve for tablet computers to the left?

Explain the differences between a 'change in supply' and a 'change in quantity supplied'. _____________________________________________________________________________________________ _____________________________________________________________________________________________

An increase in the price of inputs will cause the supply curve for a product to shift to the right.

Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. If the government taxes the activity of logging tropical forests, what happens in the market for tropical hardwood?

In February, market analysts predict that the price of titanium will rise in March. What happens in the titanium market in February, holding everything else constant?

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

'Market equilibrium' occurs where supply equals demand.

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

The equilibrium price will increase if the demand curve for a product shifts to the right and the supply curve for the product shifts to the left.

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.

If consumers expect that Apple will introduce a new model iPad soon, this will cause the demand for the current iPads will decrease now.

Which of the following statements is true?

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

As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise.

Economics: Foundations and Models

Choices and Trade Offs in the Market

Gdp: Measuring Total Production, Income and Economic Growth

Economic Growth, the Financial System and Business Cycles

Long-Run Economic Growth: Sources and Policies

Unemployment

Inflation

Aggregate Expenditure and Output in the Short Run

Aggregate Demand and Aggregate Supply Analysis

Money, Banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Macroeconomics in an Open Economy

The International Financial System

Filters

What is the ceteris paribus condition? _ _

Explain the differences between a 'change in supply' and a 'change in quantity supplied'. _ _