Exam 3: Demand and Supply

John increases his consumption of Good X and Good Y when his income increases. For John

A shortage will occur when

-According to the above table, the equilibrium price of DVDs is

-Refer to the above table. What is the market quantity demanded of DVDs at a price of $12?

Of the following, which is the least likely to be an example of substitute goods?

-Refer to the above table. At a price of $450, there is an

-According to the above table, there is an excess quantity demanded of 1500 DVDs at the price

As John's income has increased, he has purchased fewer hamburgers. Hamburgers are

Each of the following would cause an increase in the supply of baseballs EXCEPT

A direct or positive relationship between price and quantity supplied is

-Refer to the above figure. The market clearing price is

Briefly discuss the determinants of demand other than price.

Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s. If other factors were held constant, then there would be

An indirect or inverse relationship between price and quantity demanded is

All of the following will cause a shift in the supply of smartphones EXCEPT

There is an increase in the demand for cream when the price of coffee falls. Other things constant, we can conclude that coffee and cream are

Suppose that the price of cornflakes is $3 per box and the price of oatmeal is $4.50 per box. Both boxes contain the same number of ounces of cereal. The relative price of cornflakes in terms of oatmeal is

Which one of the following would cause an increase in the demand for hotel rooms in Hawaii?

A demand curve is a

An increase in the price of corn will lead to