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 D1 and S1 (point A)) If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point?

A) none of the points shown B) B C) C D) E A) none of the points shown B) B C) C D) E

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

If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left,the equilibrium quantity will decrease.

(True/False)

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Question 41

Chips and salsa are complements.If the price of salsa decreases,the demand for chips will increase.

(True/False)

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Question 42

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 D₁and S₁ (point A)) If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point?

(Multiple Choice)

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(30)

Question 43

Table 3-2 -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar falls from $45 to $35,the market quantity demanded would

(Multiple Choice)

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Question 44

When deciding on which new products to develop,a firm must devote people,time,and money to designing a new product.Because any firm has only limited resources,it

(Multiple Choice)

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Question 45

If the demand for a product increases and the supply of the same product increases,the equilibrium price will increase.

(True/False)

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Question 46

An increase in the number of firms in a market will cause the quantity of a good supplied to increase.

(True/False)

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Question 47

As the number of firms in a market decreases,the supply curve will shift to the left and the equilibrium price will rise.

(True/False)

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Question 48

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 49

Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied.

(True/False)

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Question 50

The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in purchasing power as a result of the price change.

(True/False)

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Question 51

"Because chips and salsa are complements,an increase in the price of chips will cause the demand for salsa to decrease.This initial shift in demand for chips results in a higher price for chips; this higher price will cause the demand curve for chips to shift to the right." Which of the following correctly comments on this statement?

(Multiple Choice)

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Question 52

A decrease in the demand for soft drinks due to changes in consumer tastes,accompanied by an increase in the supply of soft drinks as a result of reductions in input prices,will result in

(Multiple Choice)

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Question 53

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

(Multiple Choice)

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Question 54

If a firm expects that the price of its product will be higher in the future than it is today

(Multiple Choice)

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Question 55

Which of the following would cause an increase in the supply of peanut butter?

(Multiple Choice)

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Question 56

Suppose a negative technological change in the production of disease-resistant wheat caused the price of wheat to rise.Holding everything else constant,how would this affect the market for corn (a substitute for wheat)?

(Multiple Choice)

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Question 57

If the price of peaches,a substitute for plums,decreases the demand for plums will increase.

(True/False)

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Question 58

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 D₁ and S₂ (point B)) Which of the following changes would cause the equilibrium to change to point C?

(Multiple Choice)

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(35)

Question 59

Market equilibrium occurs where supply equals demand.

(True/False)

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Question 60

Showing 41 - 60 of 242

If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left,the equilibrium quantity will decrease.

Chips and salsa are complements.If the price of salsa decreases,the demand for chips will increase.

Table 3-2 -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar falls from $45 to $35,the market quantity demanded would

When deciding on which new products to develop,a firm must devote people,time,and money to designing a new product.Because any firm has only limited resources,it

If the demand for a product increases and the supply of the same product increases,the equilibrium price will increase.

An increase in the number of firms in a market will cause the quantity of a good supplied to increase.

As the number of firms in a market decreases,the supply curve will shift to the left and the equilibrium price will rise.

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

Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied.

The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in purchasing power as a result of the price change.

A decrease in the demand for soft drinks due to changes in consumer tastes,accompanied by an increase in the supply of soft drinks as a result of reductions in input prices,will result in

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

If a firm expects that the price of its product will be higher in the future than it is today

Which of the following would cause an increase in the supply of peanut butter?

Suppose a negative technological change in the production of disease-resistant wheat caused the price of wheat to rise.Holding everything else constant,how would this affect the market for corn (a substitute for wheat)?

If the price of peaches,a substitute for plums,decreases the demand for plums will increase.

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 D₁ and S₂ (point B)) Which of the following changes would cause the equilibrium to change to point C?

Market equilibrium occurs where supply equals demand.

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: The Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice,taxes,and the Distribution of Income

Filters

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

If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left,the equilibrium quantity will decrease.

Chips and salsa are complements.If the price of salsa decreases,the demand for chips will increase.

Table 3-2 -Refer to Table 3-2.The table above shows the demand schedules for caviar of two individuals (Ari and Sonia)and the rest of the market.If the price of caviar falls from $45 to $35,the market quantity demanded would

When deciding on which new products to develop,a firm must devote people,time,and money to designing a new product.Because any firm has only limited resources,it

If the demand for a product increases and the supply of the same product increases,the equilibrium price will increase.

An increase in the number of firms in a market will cause the quantity of a good supplied to increase.

As the number of firms in a market decreases,the supply curve will shift to the left and the equilibrium price will rise.

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

Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied.

The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in purchasing power as a result of the price change.

A decrease in the demand for soft drinks due to changes in consumer tastes,accompanied by an increase in the supply of soft drinks as a result of reductions in input prices,will result in

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

If a firm expects that the price of its product will be higher in the future than it is today

Which of the following would cause an increase in the supply of peanut butter?

Suppose a negative technological change in the production of disease-resistant wheat caused the price of wheat to rise.Holding everything else constant,how would this affect the market for corn (a substitute for wheat)?

If the price of peaches,a substitute for plums,decreases the demand for plums will increase.

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 D1 and S2 (point B)) Which of the following changes would cause the equilibrium to change to point C?

Market equilibrium occurs where supply equals demand.

Economics: Foundations and Models

Trade-Offs, comparative Advantage, and the Market System

Economic Efficiency, government Price Setting, and Taxes

Externalities, environmental Policy, and Public Goods

Elasticity: The Responsiveness of Demand and Supply

The Economics of Health Care

Firms, the Stock Market, and Corporate Governance

Comparative Advantage and the Gains From International Trade

Consumer Choice and Behavioral Economics

Technology, production, and Costs

Firms in Perfectly Competitive Markets

Monopolistic Competition: the Competitive Model in a More Realistic Setting

Oligopoly: Firms in Less Competitive Markets

Monopoly and Antitrust Policy

Pricing Strategy

The Markets for Labor and Other Factors of Production

Public Choice,taxes,and the Distribution of Income

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 D₁ and S₂ (point B)) Which of the following changes would cause the equilibrium to change to point C?