Exam 3: Demand and Supply

Price (dollars per pair) Quantity demanded (pairs per week) Quantity supplied (pairs per week) 30 130 70 40 120 80 50 110 90 60 100 100 70 90 110 80 80 120 90 70 130 -The table shows the demand and supply schedules for jeans.

An increase in the demand for computers and a decrease in the number of sellers of computers will definitely ________.

When there is a shortage in the market,the quantity sold is

Which of the following would NOT shift the demand curve for turkey?

The equilibrium quantity of a good will increase and its equilibrium price might rise,fall,or stay the same when

-The above figure shows the market for hamburger.Which panel shows the effect of a drought in "cattle country"?

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

"If the price of crude oil falls,the demand for gasoline will increase,so people will by more gas and the price of gas will go up." Is this statement true or false? Explain.

Good A and good B are substitutes in production.The demand for good A increases so that the price of good A rises.The increase in the price of good A shifts the

In 2011,the price of peanuts was rising,which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future.In the current market for peanut butter,the price rises and the quantity increases.This set of results means that

A decrease in the demand for beef because of concerns over cholesterol results in

Leather belts and leather shoes are substitutes in production.If style changes increase the demand for leather belts,the supply curve of leather shoes will shift

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.In a normal year the equilibrium quantity of wapanzo beans will be

When the price of a pizza decreases from $12 to $10,it is definitely the case that the

-The above figures show the market for hamburger meat.Which figure(s) shows the effect of a decrease in the price of a hamburger complement such as hamburger buns?

-In mid-2008 Delta increased the price of a New York to LA ticket by 10 percent. As a result of this price hike,there was a ________ shift in the demand curve for a ticket on Continental because the price of a ________ had risen.

If consumers but not producers expect that the price of soda will rise in November,the

An unusually warm winter shifts the

Suppose the price of a football is $20.00 and the price of a basketball is $10.00.The ________ of a football is ________.

-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 d?