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

Table 3-2 -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.At a price of $75, the quantity demanded in the market would be

If the price of automobiles was to increase, then

Holding everything else constant, a decrease in the price of bicycles will result in

Studies have shown links between calcium consumption and a reduction in osteoporosis.How does this affect the market for calcium?

A decrease in the equilibrium quantity for a product will result

In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops.In the market for citrus fruit in 2004

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

Figure 3-1 -Refer to Figure 3-1.An increase in population would be represented by a movement from

A normal good is a good for which the demand increases as income decreases, holding everything else constant.

In 2004, hurricanes destroyed a large portion of Florida's grapefruit crop.How did this affect the market price and market quantity of grapefruit?

A positive technological change will cause the supply of a good to increase.

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets.Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles?

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for almonds.Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters?

Which of the following has occurred as the millennial generation has come of age?

Which of the following is evidence of a shortage of walnuts?

An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery.The first development concerned side effects from the surgery, including blurred vision.The second development was that the companies renting eye-surgery machinery to doctors had reduced their charges.In the market for laser eye surgeries, these two developments

What is the law of supply? What does this law imply about the shape of the supply curve?

Which of the following statements is true?

In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good. a.The population increases and the price of inputs increase. b.The price of a complement increases and technology advances. c.The number of firms in the market increases and income increases. d.Price is expected to increase in the future. e.Consumer preference increases and the price of a substitute in production decreases.

If the price of gasoline decreases, what will be the impact in the market for public transportation?