Exam 3: Demand and Supply

The price of a bag of corn chips is $3,and the price of a bottle of soda is $1.What is the relative price of a bag of corn chips?

Which of the following shifts the demand curve for movie downloads rightward?

-The diagram above illustrates the market for apartments in Victoria,British Columbia. a) If the current rent is $300 per month,is there a shortage or surplus in the apartment market and how much is the shortage or surplus? b) What is the equilibrium rent and quantity of apartments?

-Consider the demand curves for soft drinks shown in the figure above.Suppose the economy is at point a.Which of the following could result in a movement to point c?

Between 2000 and 2010,advances in PC production technology increased the supply of PCs sharply.The demand for PCs also increased,but not nearly as much as the supply did.As a result,the price of a PC ________ and the quantity of PCs sold ________.

The opportunity cost of good A in terms of good B is equal to the

-The figure above shows the market for candy.People become more concerned that eating candy causes them to gain weight,which they do not like.As a result,the

If income increases or the price of a complement falls,the

-Using the above figure,suppose that roses are a normal good.If there is an increase in income,

A relative price is the product of two money prices.

The Market for Wapanzo Beans Quantity Demanded Price Quantity Supplied (millions of pounds (dollars per (millions of pounds per year) pound) per year) Case Case Case Case A Case B Case C 1 2 3 15 10 15 \ 1 1 2 3 12 8 4 \ 2 2 4 6 9 6 3 \ 3 3 6 9 6 3 2 \ 4 4 8 12 3 2 1 \ 5 5 10 15 -Refer to the table above.Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B.If there is exceptionally good growing weather in the wapanzo bean growing region then supply will ________ and demand will ________.

A bakery can produce either cakes or cookies.If the price of cookies rises,then

-The above figures show the market for hamburger meat.Which figure(s) shows the effect of an increase in the number of people who eat hamburger meat?

-In the above figure,an increase in the quantity demanded is represented by a movement from point d to

A decrease in the price of bowling shifts the

The law of demand states that,other things remaining the same,the higher the price of a good,the

What happens to the demand for Xbox games if the price of an Xbox falls?

Soft drinks and milk are substitutes for consumers.Draw a graph showing the effect of an increase in the price of milk on the demand for soft drinks.

Bicycles are made out of steel.If the price of steel increases,there is a shift in the supply curve of bicycles that leads to

If the U.S.Surgeon General announces that increased wheat consumption could cause heightened anxiety levels among children and adults,what happens to the equilibrium price and quantity of shredded wheat?