Exam 3: Demand and Supply

Figure 3-5 -In Figure 3-5,suppose a change takes place and as a result a new equilibrium occurs at point B.The change could have been caused by

If X and Y are substitute goods,then an increase in the price of Y,other things constant,

Which of the following will NOT affect the market supply curve for a good?

Figure 3-4 -In Figure 3-4,there would be a shortage at which price?

Table 3-1 -In Table 3-1,each of the four buyers in this market

The money price of a good (in dollars)is that price

Which of the following is a determinant of supply?

Figure 3-2 -According to Figure 3-2,an increase in the price from $0.40 to $0.60 will result in

The demand curve for a normal good

The quantity of a good or service people would be willing and able to purchase at each possible price during a specified time period,other things constant,is the definition of ________.

An increase in demand is shown graphically by

Which of the following statements about demand is FALSE?

A market demand schedule for a product indicates that

Table 3-4 -In Table 3-4,the equilibrium price for CDs is

If goods X and Y are substitute goods,then a decrease in the price of Y,other things constant,

The price of a new textbook was $60 in one year and $75 two years later.Over the same period,the price of a used copy of the text rose from $25 to $37.50.Over the two years,the relative price of a new textbook

Figure 3-3 -In Figure 3-3,other things constant,if price was at P₂ we would expect

Which of the following will cause a decrease in the quantity of shoes demanded,ceteris paribus?

When economists talk about a demand schedule for a product,they mean a schedule recording ________.

Figure 3-3 -According to Figure 3-3,the highest price that consumers would be willing and able to pay for quantity Q₂ is