Exam 3: Where Prices Come From: The Interaction of Demand and Supply

Which of the following generation categories has the smallest population in the United States in 2017?

Table 3-2 Rest of Caviar Ari's Sonia's Market Market Tea Quantity Quantity Quantity Quantity Price per lb. Demanded Demanded Demanded Demanded (dollars) (oz.) (oz.)) (oz.) (oz.) \ 75 6 0 46 65 18 6 64 55 28 14 136 45 36 24 170 35 44 36 220 -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar falls from $45 to $35,the market quantity demanded would

Indicate whether each of the following situations would shift the supply curve to the left,to the right,or not at all. a.An increase in the price of an input b.An increase in productivity c.An increase in the price of a substitute in production d.A decrease in the expected future price of a product e.A decrease in the current price of the product

Suppose a drought resulted in a major reduction in the California lettuce crop.In the market for lettuce

What are the two effects that explain the law of demand? Briefly explain each effect.

The market for smart water is becoming more competitive.The increase in competition in this market is an example of how the market responds to

If,in response to a decrease in the price of grapes,the quantity of grapes demanded increases,then economists would describe this as

Which of the following would shift the supply curve for energy drinks to the left?

Technological advancements have led to lower prices and an increase in the sale of color laser printers.How does this affect the market for traditional inkjet printers?

What is the difference between a "change in demand" and a "change in quantity demanded"?

How has the growing popularity of factory outlet stores affected the market for clothing at retail department stores?

The supply curve for umbrellas

Figure 3-6 -Refer to Figure 3-6.The figure above represents the market for coffee grinders.Assume that the market price is $21.Which of the following statement is true?

In response to a surplus the market price of a good will fall; as the price falls,the quantity demanded will increase and quantity supplied will decrease until equilibrium is reached.

What is the Law of Demand.

In October 2005,the U.S.Fish and Wildlife Service banned the importation of beluga caviar,the most prized of caviars,from the Caspian Sea.What happened in the market for caviar in the United States?

What is the difference between a supply schedule and a supply curve?

In February,market analysts predict that the price of titanium will rise in March.What happens in the titanium market in February,holding everything else constant?

Suppose that in October,market analysts predict that the price of platinum will fall in November.What happens in the platinum market in October,holding everything else constant?

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements.What panel describes what happens in this market when the price of steak rises?