Exam 3: Demand and Supply

A shift of the supply curve for rutabagas occurs if there is

A shortage will exist if

The supply curve of a good slopes upward to the right because of

An increase in supply is shown by

Figure 3.4.2 Use the figure below to answer the following questions. -At a price of $10 a unit in Figure 3.4.2,

If the number of suppliers of good Y increases, then

Figure 3.5.1 Use the figure below to answer the following questions. -Initially, the demand curve for good A is D₂ in Figure 3.5.1. Suppose good B is a substitute for good A. If the price of B falls

A technological improvement in the production of good A

A rise in the price of a good

If a producer can use its factors of production to produce either good A or good B, then a rise in the price of A

If A and B are complements and the cost of a factor of production used in the production of A decreases, then the price of

The Genius Software Company has developed an amazing new software package to be used only with Einstein Computers. As a result, the equilibrium price of

The demand curve slopes downward to the right because

Which one of the following would lead to an increase in the demand for hamburgers?

The fish stocks in the Atlantic fishing industry have decreased. As a result, we would expect

If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 8,000 per year, there is a ________ in the market and the price will ________.

Table 3.4.1 Use the table below to answer the following questions. -Refer to Table 3.4.1. The equilibrium quantity is 420 units if

"As domestic car prices have increased, consumers have found foreign cars to be a better bargain. Consequently, domestic car sales have fallen and foreign car sales have risen." Based on this information alone, there has been a

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. A premature frost destroys half the coffee trees and the supply of coffee is cut in half. The new equilibrium price is $________ and the new equilibrium quantity is ________ cups a day.

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. A new store opens up on the edge of campus, Great Wild North Sportswear, which has the capacity to do as much business as all the existing businesses. The quantity of t-shirts supplied doubles at each price. In addition, in a television interview, Joe Cool shows off his designer sport t-shirt, setting off a new craze that doubles business at the local 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.