Exam 4: The Market Forces of Supply and Demand

Figure 4-22 -Refer to Figure 4-22. Panel (a) shows which of the following?

Which of the following would not shift the demand curve for mp3 players?

Which of the following events would cause a movement upward and to the left along the demand curve for olives?

Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a

The law of supply and demand asserts that

The dictionary defines equilibrium as a situation in which forces

Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good?

If the demand for a product increases, then we would expect equilibrium price

If the number of sellers in a market increases, then the

A monopoly is a market with one

In a competitive market, each seller has limited control over the price of his product because

Figure 4-20 The graph below pertains to the supply of paper to colleges and universities. -Refer to Figure 4-20. All else equal, an increase in the use of laptop computers for note-taking would cause a move from

All goods and services are sold in perfectly competitive markets.

Table 4-9 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-9. Suppose x = 1. Then it must be true that

When the price of hot dogs changes, the demand curve for hot dogs

A decrease in the price of baseball bats will decrease the demand for baseballs.

Table 4-7 -Refer to Table 4-7. The equilibrium price and quantity, respectively, are

If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the left.

Figure 4-22 -Refer to Figure 4-22. Which of the four panels represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester?

Which of the following changes would not shift the supply curve for a good or service?