Exam 3: Demand and Supply

Which of the following does NOT cause a shift in demand?

-Refer to the above figure.Which diagram shows the effect on the market of Corn Flakes when the price of Corn Flakes has increased?

Which of the following would cause a change in the quantity demanded of a product?

The relative price of a good is that price

The demand curve shows the relationship between quantity demanded and

-Refer to the above figure for a particular good.The rightward shift of the curve could have been caused by

-In the above figure,an increase in income is best demonstrated by a

When the current price of an item is greater than the item's market clearing price,

Which of the following are complementary goods?

Price per Constant Quality of X Quantity of X Demanded per Time Period Quantity of X Supplied per Time Period \ 10 0 150 8 20 120 6 40 90 4 60 60 2 80 30 0 100 0 -According to the above table,at a price of $8 per unit,other things constant,

After the price of milk increases,David buys more eggs and less cereal.For David,

Adding the quantities demanded by all consumers at every price will yield

Another name for a shortage is

When a shortage exists in a market,

For typical goods,supply curves are

An indirect or inverse relationship between price and quantity demanded is

Price per Constant- Quality Unit Quantity Demanded of Constant-Quality Units per Year Quantity Supplied of Constant-Quality Units per Year \ 1.00 1,000 200 2.00 800 400 3.00 600 600 4.00 400 800 5.00 200 1,000 -According to the above table,a surplus exists when

Which of the following is NOT true about the equilibrium price?

If two goods are substitutes,then

The supply curve will shift to the left when