Exam 4: Demand and Supply

Quantity demanded (tons of cat food per year) Price (dollars per pound of cat food) Quantity supplied (tons of cat food per year) 52 1.00 15 46 1.50 26 43 2.00 34 40 2.50 40 35 3.00 44 -The above table gives the demand and supply schedules for cat food.If the price is $3.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price? If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? If $3.00 is the equilibrium price, what is the equilibrium quantity?

-The graph illustrates the supply of sweaters.Which of the following events will increase the supply of sweaters?

Consider the market for peanut butter.If there is an increase in the price of bread (a complement for peanut butter) along with a drought in peanut growing areas, the

In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?

Price (dollars per latte) Quantity demanded (lattes per hour) 1 90 2 80 3 60 4 30 -The table above gives the demand schedule for lattes at the Bottomless Cup.If the price of a latte is $3, then the quantity of lattes demanded is ________ an hour.

-The graph illustrates the market for computers.If the number of buyers of computers increases and technology advances, you predict that the

If both the supply and demand curves shift simultaneously, we can always predict what will happen to

Gasoline prices increase by 50 percent and other things remain the same.As a result, there is

Which of the following shifts the supply curve of popcorn leftward?

Quantity demanded (tons of cat food per year) Price (dollars per pound of cat food) Quantity supplied (tons of cat food per year) 52 1.00 15 46 1.50 26 43 2.00 34 40 2.50 40 35 3.00 44 -The above table gives the demand and supply schedules for cat food.What is the equilibrium price and quantity?

-The above figures show the market for HD televisions. If there are severe earthquakes that destroy a significant number of HD television manufacturing plants, which figure shows the effect of the earthquake?

People come to expect that the price of a gallon of gasoline will rise next week.As a result,

Soda and hot dogs are complements for one another.If a shortage of carbonated water leads to an increase in the price of soda, then the

-The above figure shows the market for pizza.The market is in equilibrium when the wages paid pizza workers increases.What point represents the most likely new price and quantity?

Price (dollars per gallon) Quantity demanded (gallons of gasoline) Quantity supplied (gallons of gasoline 3.73 337,982 441,074 3.68 396,398 428,008 3.65 412,031 412,031 3.62 417,899 391,665 -The table above shows the situation in the gasoline market in Tulsa, Oklahoma.If the price of a gallon of gasoline is $3.73, then

Which of the following is the best explanation for why the price of gasoline increases during the summer months?

Consumers can use either natural gas or heating oil to warm their houses.Suppose the price of natural gas increases.Use a demand and supply diagram to show the impact of the higher price of natural gas on the market for home heating oil.

A rise in the price of a substitute in production for a good leads to

Mulch is shredded wood and is a by-product in the production of lumber.Because these two goods are produced together, they are

An increase in the number of producers of bird seed ________ the supply of bird seed and shifts the supply curve of bird seed ________.