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

Figure 3-8 -Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₂ and S₁ point C Which of the following changes would cause the equilibrium to change to point B?

(Multiple Choice)

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Question 81

Which of the following statements is true?

(Multiple Choice)

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Question 82

How does the increasing use of MP3 players affect the market for compact discs?

(Multiple Choice)

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Question 83

Studies have shown links between calcium consumption and a reduction in osteoporosis.How does this affect the market for calcium?

(Multiple Choice)

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Question 84

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for used clothing,an inferior good.Which panel describes what happens in this market as a result of a decrease in income?

(Multiple Choice)

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Question 85

Figure 3-6 Canvas Tote Bags -Refer to Figure 3-6.The figure above represents the market for canvas tote bags.Compare the conditions in the market when the price is $50 and when the price is $35.Which of the following describes how the market differs at these prices?

(Multiple Choice)

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Question 86

Which of the following would cause a decrease in the supply of milk?

(Multiple Choice)

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Question 87

The endowment effect suggests that people

(Multiple Choice)

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Question 88

Ranchers can raise either cattle or sheep on their land.Which of the following would cause the supply of sheep to increase?

(Multiple Choice)

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Question 89

A surplus occurs when the actual selling price is above the market equilibrium price.

(True/False)

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Question 90

Figure 3-1 -Refer to Figure 3-1.A decrease in the price of the product would be represented by a movement from

(Multiple Choice)

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Question 91

Draw a supply and demand graph showing an equilibrium price of $50 and an equilibrium quantity of 200 units.Explain what would happen if the selling price was $75,and illustrate this on the graph.Explain what would happen if the selling price was $25,and illustrate this on the graph.Be sure to label each axis and curve on the graph.

(Essay)

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Question 92

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets.Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles?

(Multiple Choice)

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Question 93

The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen.In the market for beef,this would be represented by the equilibrium price and the equilibrium quantity .

(Multiple Choice)

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Question 94

Technological advances have resulted in lower prices for digital cameras.What is the impact of this on the market for traditional (non-digital)cameras?

(Multiple Choice)

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Question 95

The endowment effect is the tendency for people to be unwilling to sell a good they already own even if they are offered a price greater than they would be willing to pay to buy the good if they did not already own it.

(True/False)

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Question 96

The income effect of a price change refers to the impact of a change in

(Multiple Choice)

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Question 97

A decrease in the equilibrium price for a product will result

(Multiple Choice)

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Question 98

What is the law of supply? What does this law imply about the shape of the supply curve?

(Essay)

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Question 99

Figure 3-4 -Refer to Figure 3-4.At a price of $15,how many units will be sold?

(Multiple Choice)

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Question 100

Showing 81 - 100 of 241

Figure 3-8 -Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₂ and S₁ point C Which of the following changes would cause the equilibrium to change to point B?

Which of the following statements is true?

How does the increasing use of MP3 players affect the market for compact discs?

Studies have shown links between calcium consumption and a reduction in osteoporosis.How does this affect the market for calcium?

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for used clothing,an inferior good.Which panel describes what happens in this market as a result of a decrease in income?

Figure 3-6 Canvas Tote Bags -Refer to Figure 3-6.The figure above represents the market for canvas tote bags.Compare the conditions in the market when the price is $50 and when the price is $35.Which of the following describes how the market differs at these prices?

Which of the following would cause a decrease in the supply of milk?

The endowment effect suggests that people

Ranchers can raise either cattle or sheep on their land.Which of the following would cause the supply of sheep to increase?

A surplus occurs when the actual selling price is above the market equilibrium price.

Figure 3-1 -Refer to Figure 3-1.A decrease in the price of the product would be represented by a movement from

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets.Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles?

The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen.In the market for beef,this would be represented by the equilibrium price and the equilibrium quantity .

Technological advances have resulted in lower prices for digital cameras.What is the impact of this on the market for traditional (non-digital)cameras?

The endowment effect is the tendency for people to be unwilling to sell a good they already own even if they are offered a price greater than they would be willing to pay to buy the good if they did not already own it.

The income effect of a price change refers to the impact of a change in

A decrease in the equilibrium price for a product will result

What is the law of supply? What does this law imply about the shape of the supply curve?

Figure 3-4 -Refer to Figure 3-4.At a price of $15,how many units will be sold?

Economics: Foundations and Models

Choices and Trade-Offs in the Market

Elasticity: The Responsiveness of Demand and Supply

Economic Efficiency,government Price Setting and Taxes

Technology,production and Costs

Firms in Perfectly Competitive Markets

Monopoly Markets

Monopolistic Competition and Oligopoly

The Markets for Labour and Other Factors of Production

Government Intervention in the Market

Social Policy and Inequality

Gdp: Measuring Total Production, income and Economic Growth

Unemployment and Inflation

Aggregate Demand and Aggregate Supply Analysis

Money,banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Comparative Advantage and the Gains From International Trade

Macroeconomics in an Open Economy

Filters

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

Figure 3-8 -Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D2 and S1 point C Which of the following changes would cause the equilibrium to change to point B?

Which of the following statements is true?

How does the increasing use of MP3 players affect the market for compact discs?

Studies have shown links between calcium consumption and a reduction in osteoporosis.How does this affect the market for calcium?

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for used clothing,an inferior good.Which panel describes what happens in this market as a result of a decrease in income?

Figure 3-6 Canvas Tote Bags -Refer to Figure 3-6.The figure above represents the market for canvas tote bags.Compare the conditions in the market when the price is $50 and when the price is $35.Which of the following describes how the market differs at these prices?

Which of the following would cause a decrease in the supply of milk?

The endowment effect suggests that people

Ranchers can raise either cattle or sheep on their land.Which of the following would cause the supply of sheep to increase?

A surplus occurs when the actual selling price is above the market equilibrium price.

Figure 3-1 -Refer to Figure 3-1.A decrease in the price of the product would be represented by a movement from

Figure 3-7 -Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets.Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles?

The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen.In the market for beef,this would be represented by the equilibrium price ________ and the equilibrium quantity ________.

Technological advances have resulted in lower prices for digital cameras.What is the impact of this on the market for traditional (non-digital)cameras?

The endowment effect is the tendency for people to be unwilling to sell a good they already own even if they are offered a price greater than they would be willing to pay to buy the good if they did not already own it.

The income effect of a price change refers to the impact of a change in

A decrease in the equilibrium price for a product will result

What is the law of supply? What does this law imply about the shape of the supply curve?

Figure 3-4 -Refer to Figure 3-4.At a price of $15,how many units will be sold?

Economics: Foundations and Models

Choices and Trade-Offs in the Market

Elasticity: The Responsiveness of Demand and Supply

Economic Efficiency,government Price Setting and Taxes

Technology,production and Costs

Firms in Perfectly Competitive Markets

Monopoly Markets

Monopolistic Competition and Oligopoly

The Markets for Labour and Other Factors of Production

Government Intervention in the Market

Social Policy and Inequality

Gdp: Measuring Total Production, income and Economic Growth

Unemployment and Inflation

Aggregate Demand and Aggregate Supply Analysis

Money,banks and the Reserve Bank of Australia

Monetary Policy

Fiscal Policy

Comparative Advantage and the Gains From International Trade

Macroeconomics in an Open Economy

Filters

Figure 3-8 -Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D₂ and S₁ point C Which of the following changes would cause the equilibrium to change to point B?

The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen.In the market for beef,this would be represented by the equilibrium price and the equilibrium quantity .