Exam 3: Demand and Supply

The alternative quantities demanded for a given time period at different possible prices is known as

Another name for a surplus is

Price Quantity Demanded Quantity Supplied \ \ 50 300 0 \ 55 220 80 \ 60 150 150 \ 65 90 230 \ 70 30 300 -Using the above table,at a price of $70,there is

When there is an excess quantity supplied in the market,

What situation gives rise to a surplus?

A per-unit government subsidy to producers of a good tends to

Which of the following is true of the activities of ticket scalpers?

The law of demand states that

-According to the above figure,a shortage is shown between which two points?

If one day a terrible disease were to wipe out over one-half of the world's lime trees,which of the following would likely result?

All of the following are non-price determinants of demand EXCEPT

When the term "price" is used in the law of demand,price refers to

A market requires

Suppose that goods X and Y are substitutes and the price of good Y falls.We would then expect

If the price of gasoline rises sharply and the demand for sports utility vehicles falls,then the two goods are

An increase in the price of input used to produce a product will lead to

Distinguish between a change in quantity supplied and a change in supply.

Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s.If other factors were held constant,then there would be

Market supply is obtained by

-Refer to the above figure for the market of Cheerios.Which diagram depicts the effect of an increase in the price of Cheerios?