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

Figure 3-5 -Refer to Figure 3-5.At a price of $15,

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.If the price of caviar falls from $45 to $35, the market quantity demanded would

The ________ effect refers to the change in quantity demanded for a good that results from the effect of a change in the good's price on consumers' purchasing power.

Figure 3-6 -Refer to Figure 3-6.The figure above represents the market for canvas tote bags.Assume that the market price is $35.Which of the following statements is true?

Select the phrase that correctly completes the following statement."An increase in input prices caused a decrease in the supply of baseballs.As a result ________."

If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is

If a demand curve shifts to the right, then

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

Discuss the correct and incorrect economic analysis in the following statement. "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."

If more insurance companies decide to cover part of the price of voluntary laser eye surgery and more doctors decide to enter the field of laser eye surgery, what will happen in the market for laser eye surgery as a result of these two factors?

If a decrease in income leads to a decrease in the demand for mac and cheese, then mac and cheese is

If the United States placed an embargo on Swedish products, what would happen in the U.S.market for Swedish furniture?

An inferior good is a good for which the quantity demanded decreases as the price increases, holding everything else constant.

The Internet has created a new category in the book selling market, namely, the "barely used" book.How does the availability of barely used books affect the market for new books?

Which of the following generation categories has the largest population in the United States in 2017?

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

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

For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated. a.Blu-ray discs and video-on-demand b.Fiat 500 and Mini Cooper S c.Toothpaste and toothbrush d.Popcorn and snowboards e.Razors and razor blades

In recent years, the consumption of orange juice in the United States has fallen but the price of orange juice has risen.This is because the supply of orange juice has ________ and the demand for orange juice has ________.

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?