Exam 4: The Market Forces of Supply and Demand

What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up,the price of jelly (a complementary good)increased,fewer firms decided to produce peanut butter,and health officials announced that eating peanut butter was good for you?

Refer to the following: A.What is the difference between a "change in supply" and a "change in quantity supplied"? (Graph your answer). B.For each of the following changes,determine whether there will be a change in quantity supplied or a change in supply. a.a change in the resource cost b.a change in producer expectations c.a change in price d.a change in technology e.a change in the number of sellers

Suppose that the Canadian Medical Association announces that men who shave their heads are less likely to die of heart failure.What could we expect to happen?

Which of the following best resembles a perfectly competitive market?

Table 4-2 -Refer to the Table 4-2.What is the space that would represent a decrease in equilibrium price and an indeterminate change in equilibrium quantity?

You have decided to purchase a new Mustang convertible.A friend tells you that Ford will stop offering a $3000 rebate on Mustangs starting next month.As a result of this information,what will happen to your demand curve for Mustangs?

Which of the following would definitely result in a higher price in the market for smart phones?

When evaluating differences or similarities between an increase in supply and an increase in quantity supplied,what do we know?

What are the forces that make market economies work?

Market demand is given as Qd = 200 - 6P.Market supply is given as Qs = 4P.What would result if the market price were $30?

An increase in the price of pizza will shift the demand curve for pizza to the left.

Given a fixed demand curve,which of the following is affected when the price changes?

The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price.

Figure 4-2 -Refer to the Figure 4-2.What would happen at a price of $35?

Figure 4-4 -Refer to the Figure 4-4.In this market,what would the equilibrium price and quantity be?

Suppose you make jewellery.If the price of silver falls,what would we expect you to do?

You have decided to purchase a new Mustang convertible.A friend tells you that Ford will be offering a $3000 rebate on Mustangs starting next month.As a result of this information,what will happen to your demand curve for Mustangs?

Which of the following would unambiguously cause a decrease in the equilibrium price of cotton shirts?

New oak tables are normal goods.What will happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises,the price of oak wood rises,some buyers exit the market for oak tables,and the price of wood saws increased?

A local cable TV company might be a monopolist.