Exam 3: Demand and Supply

When people's incomes increase,the demand for a good increases.The good is called

-Using the above figure,suppose that roses are a normal good.If incomes decrease while simultaneously there is an increase in the price of the resources used to produce roses,then

-Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach?

If the price per bushel of apples increased from $7.00 to $8.00 because of a poor harvest,the

As the relative price of a good falls,the substitution effect implies that people buy

If the demand curve for bikes shifts leftward and the supply curve for bikes shifts rightward,the equilibrium

-The figure above shows supply curves for soft drinks.Suppose the economy is at point a.A movement to point c could be the result of

List the factors change demand and shift the demand curve.Tell what happens to demand and the demand curve when there is an increase in the factor.

The wage rate paid by Walkman producers falls and at the same time the price of raw materials used in the production of Walkmans rises.You predict that the supply curve of Walkmans will

For consumers,goods A and B are complementary goods.The cost of a resource used in the production of A decreases.As a result,

An increase in the price of jet fuel will ________ air flights and the equilibrium quantity of air flights will ________.

Good A and good B are substitutes in production.The demand for good A decreases,which lowers the price of good A.The decrease in the price of good A

There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2010. If the Packers raised ticket prices,the

Which of the following always lowers the equilibrium price?

-Changes in which of the following shifts the supply curve of hamburgers?

Price (dollars per disk) Quantity demanded (millions of disks per month) Quantity supplied (millions of disks per month) 0.50 50 0 1.00 40 15 1.50 30 30 2.00 20 45 2.50 10 60 3.00 0 75 -Suppose the market for CD-Rs has the demand and supply schedules shown in the table above.Suppose a technological advance increases the quantity of disks supplied at each price by 25 million. What is the new equilibrium price and the new equilibrium quantity of CD-Rs?

-Consider the demand curves for soft drinks shown in the figure above.A movement from point a to point c represents

Which of the following shifts the demand curve for hot dogs leftward?

-The above figures show the market for hamburger meat.Which figure(s) shows the effect of a nation-wide strike by butchers and meat-packers?

When the price of a pizza decreases from $14 to $12,