Exam 3: Demand and Supply

If two goods are substitutes for one another,then

Figure 3-4 -In Figure 3-4,a surplus is shown as the distance between which two points?

A large increase in the price of tennis balls will most likely lead to

Other things constant,the only way to move along a given supply curve for a product is for

A demand schedule holds

If more buyers come into the market for extra lean ground beef,ceteris paribus,we would expect to see the market demand curve

If the price of butter increases,the demand for margarine

An increase in demand for cheese would be caused by

In economics,the term "demand" refers to

If the price of a product increases,ceteris paribus,we would expect

A demand curve is a graphical representation of

Briefly explain the determinants of demand for a good or service other than its price.

Which of the following will cause a rightward shift in the supply curve?

Table 3-3 -In Table 3-3,if other influences remain constant and the market is free to adjust,a stable equilibrium price will be established at

Figure 3-4 -In Figure 3-4,at which price is there equilibrium?

Suppose a college increases the wages paid to its student employees.Which of the following is the most likely effect of the wage increases on the market for college logo sweat shirts in the bookstore?

Figure 3-4 -In Figure 3-4,at which price is there neither excess demand nor excess supply?

Explain how a market demand curve can be found if we know the demand curves of each individual in the market.

The market supply curve is found by

Table 3-1 -In Table 3-1,what is the highest price at which a producer could sell 24 CDs?