Exam 4: Demand, supply, and Markets

Figure 4.2 shows the demand curves for a good.A shift from demand curve D to demand curve D' in the figure would be caused by a(n): Figure 4.2 ​

If the price of potato chips increases,other things constant,demand for potato chip dip will:

As the price of milk increases,producers are generally willing to sell a larger quantity of milk in the market,other things constant.This represents the law of:

Which of these is likely to increase the supply of vanilla ice cream?

Which of the following will lead to an increase in quantity supplied of a given good?

The income effect of a decrease in the price of legal services,a normal good,is a(n):

What is the effect of a decrease in the price of potato chips on the market for pretzels,a substitute good that is initially in equilibrium?

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table given below is $1.50,then:​ ​ Table 4.1 ​

Markets tend to increase the costs of time and information required for exchange.

Figure 4.5 shows the supply curves of a durable good.A shift from the supply curve S to S' could be caused by a(n): Figure 4.5 ​

If butter and margarine are substitute goods,an increase in the price of butter is most likely to:

Which of the following is likely to shift the market supply curve for corn in the short run?​

In the table given below,which of the following statements is correct regarding the market for corn? Table 4.2 ​ ​

Which of these is likely to decrease the supply of leather jackets?

Sugar and honey are viewed as substitutes for each other in many cooking applications.If the price of sugar rises,we would expect:

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good described in the table below is $1.60,then an economist would expect the: Table 4.1 ​

A mismatch between quantity demanded and quantity supplied will always force a price change.

Which of the following is most likely to shift the supply curve for a product to the right?

In the figure given below that shows the demand for baby formula,if baby formula is an inferior good,then an increase in consumer income is likely to cause which of the following changes? Figure 4.1 ​

Rent controls generally provide the tenants the most efficient housing choice in the long run and maximize economic welfare.