Exam 3: Demand and Supply

Consider a graph that shows an upward-sloping supply curve and a downward-sloping demand curve. The equilibrium price and equilibrium quantity are found at the

Some producers are chatting over a beer. Which one of the following quotations refers to a leftward shift of the supply curve?

If the market for Twinkies is in equilibrium, then

Table 3.4.2 Refer to the table below for the following question. -Refer to Table 3.4.2. The table shows the demand and supply schedules for shampoo. If the price is $6 a bottle, there is a ________ of shampoo. So the price of a bottle of shampoo ________, the quantity demanded ________ and the quantity supplied ________. The market moves to equilibrium.

If we observe a fall in the equilibrium price of good A, we know that the demand for A has

The relative price of a good is all of the following except

When a market is in equilibrium,

If Hamburger Helper is an inferior good, then, ceteris paribus, a decrease in income will lead to

William Gregg owned a mill in South Carolina. In December 1862, he placed a notice in the Edgehill Advertiser announcing his willingness to exchange cloth for food and other items. Here is an extract: 1 yard of cloth for 1 pound of bacon 2 yards of cloth for 1 pound of butter 4 yards of cloth for 1 pound of wool 8 yards of cloth for 1 bushel of salt If the money price of bacon was 20¢ a pound and the money price of salt was $2.00 a bushel, people would

If a turnip is an inferior good, then, ceteris paribus, an increase in the price of a turnip will

Figure 3.5.2 Original equilibrium at 1. Use the figure below to answer the following questions. -Refer to Figure 3.5.2, which represents the market for beans. If the price of peas, a substitute for beans, rises, and the cost of producing beans decreases, what is the new beans equilibrium, ceteris paribus?

A decrease in the quantity supplied is shown by a

Table 3.4.1 Use the table below to answer the following questions. -Refer to Table 3.4.1. At a price of $3 a unit

Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU Use the table below to answer the following questions. -Refer to Table 3.5.3. In a television interview, Joe Cool shows off his designer sport t-shirt, setting off a new craze that doubles business at the sportswear establishments. The quantity of t-shirts demanded doubles at each price. The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU Use the figure below to answer the following questions. -Refer to Table 3.5.2. If the price is set at $1.30 per cup, there is ________ leading to a price ________.

An increase in income

The price of good A rises, and the demand curve for good B shifts leftward. We can conclude that

The following events occur one at a time: I. The price of crude oil rises. II. The price of a car rises. III. All speed limits on highways are abolished. IV. Robots cut car production costs. The quantity of gasoline supplied

The price of good X falls and the demand for good Y decreases. We can conclude that

The price at which sellers are not willing to supply a good is $700 per unit. If the supply curve passes through the point (3,718), what is the equation of the supply curve?