Exam 4: The Market Forces of Supply and Demand: Part A

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Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

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Question 1

Correct Answer:

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There is a surplus of 200.

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

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Question 2

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Equilibrium price is ambiguous and quantity increases.

If corn is an input into the production of ethanol,will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?

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Question 3

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The supply of ethanol will increase.

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

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Question 4

Since individual buyers and individual sellers in a competitive market have no influence on the market price,what do we call the buyers and sellers in a competitive market?

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Question 5

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

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Question 6

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

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Question 7

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

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Question 8

If income rises in the market for a normal good,will the demand curve for the normal good shift to the right or to the left?

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Question 9

Scenario 4-1 Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied. -Refer to Scenario 4-1.What is the equilibrium price in this market?

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Question 10

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

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Question 11

Scenario 4-1 Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied. -Refer to Scenario 4-1.Suppose the price is currently equal to 18 in this market.Is there a shortage or surplus in this market,and how large is the shortage/surplus?

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Question 12

Scenario 4-1 Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied. -Refer to Scenario 4-1.Suppose the price is currently equal to 10 in this market.Is there a shortage or surplus in this market,and how large is the shortage/surplus?

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Question 13

According to the law of demand,when price increases the quantity demanded of a good

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Question 14

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

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Question 15

Suppose the number of buyers in a market decreases.As a result,would the demand curve in this market shift to the right or to the left?

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Question 16

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

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Question 17

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

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Question 18

A group of buyers and sellers of a particular good or service is called a

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Question 19

Suppose consumers expect the price of a good to be higher in the future than it is today.Would the current demand for the good increase or decrease?

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Question 20

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Exam 4: The Market Forces of Supply and Demand: Part A

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Figure 4-30 ​ -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

If corn is an input into the production of ethanol,will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Since individual buyers and individual sellers in a competitive market have no influence on the market price,what do we call the buyers and sellers in a competitive market?

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

Figure 4-30 ​ -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

If income rises in the market for a normal good,will the demand curve for the normal good shift to the right or to the left?

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

According to the law of demand,when price increases the quantity demanded of a good

Figure 4-28 ​ -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Suppose the number of buyers in a market decreases.As a result,would the demand curve in this market shift to the right or to the left?

Figure 4-30 ​ -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

A group of buyers and sellers of a particular good or service is called a

Suppose consumers expect the price of a good to be higher in the future than it is today.Would the current demand for the good increase or decrease?

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?