Exam 3: Demand and Supply

If A and B are substitutes and the price of A rises, we will observe

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

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU -Refer to Table 3.5.2.A premature frost destroys half the coffee trees.This change would be represented as a

Use the table below to answer the following questions. Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU -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.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

Use the figure below to answer the following questions. Figure 3.5.2 Original equilibrium at 1. -Refer to Figure 3.5.2, which represents the market for tacos.A new scientific study reveals that tacos cause bad breath.Simultaneously, the cost of producing tacos decreases.What is the new equilibrium, ceteris paribus?

If the market for Twinkies is in equilibrium, then

Which one of the following will shift the supply curve of good X leftward?

Use the figure below to answer the following questions. Figure 3.2.2 -Which one of the following would result in the demand curve shifting from D₁ to D₂ in Figure 3.2.2?

The opportunity cost of a hot dog in terms of hamburgers is

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

If A and B are substitutes in production and the price of A falls, the supply of B

Which of the following "other things" are not held constant along a demand curve?

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

Suppose we observe a rise in the price of good A and a decrease in the quantity of good A bought and sold.Which one of the following is a likely explanation?

If goods X and Y are substitutes in production, then a rise in the price of good X

The law of demand states that, other things remaining the same,

Use the figure below to answer the following questions. Figure 3.5.2 Original equilibrium at 1. -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?

Use the figure below to answer the following questions. Figure 3.2.1 -Point A in Figure 3.2.1 indicates that

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

Farm land can be used to produce either cattle or corn.If the demand for cattle increases, then the