Exam 3: Demand and Supply

-The above figure shows the market for pizza.Which figure shows the effect of a new report by the U.S.Surgeon General that eating pizza lowers cholesterol levels,an outcome many people want?

What is the effect on the price and quantity of a product if both the demand and supply simultaneously increase?

The "income effect" in the market for aspirin means that

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

If good A is a normal good and income increases,the equilibrium price of A ________ and the equilibrium quantity of A ________.

Which of the following decreases the supply of popcorn?

The quantity of iPods that people plan to buy this month depends on all of the following EXCEPT the

You observe that the price of a good rises and the quantity decreases.These observations can be the result of the

Suppose that people find out that eating more fish improves their health,leading them to increase their demand for fish.As a result,the equilibrium price of fish ________ and the equilibrium quantity ________.

If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year,there is a ________ in the market and the price will ________.

-The above figures show the market for hamburger meat.Which figure(s) shows the effect of an increase in the price of a hamburger bun,a complement for hamburger meat?

Which of the following pairs of goods are most likely substitutes?

-In the figure,the equilibrium price is initially $3 per bushel of wheat.If suppliers come to expect that the price of a bushel of wheat will rise in the future,but buyers do not,the current equilibrium price will

The equilibrium price is the price at which the quantity

-The above figures show the market for oranges.Which figure(s) shows the effect of a nation-wide consumer boycott of eating oranges?

If the price of a candy bar is $1 and the price of a fast food meal is $5,then the

The relative price of a good is

Pizza and hamburgers are substitutes for consumers.A fall in the price of a pizza ________ the price of a hamburger and ________ the quantity of hamburgers.

Young drivers often buy used cars.An increase in the legal driving age to twenty-one shifts the demand curve for used cars leftward,whereas lowering the age to fifteen shifts the demand curve rightward.

-The above figures show the market for gasoline.Which figure shows the effect of the end of a nine month strike by workers at all U.S.oil refineries?