Exam 3: Demand and Supply

An increase in the price of steel to producers of refrigerators will cause

We know that products G and H are related goods,because when the price of G increases,

Ceteris paribus,as the price of a good or service increases,

John increases his consumption of Good X and Good Y when his income increases.For John

If the price of a product increases,

The price of a new textbook increased from $60 to $75 in one year,while the price of a used textbook increased by 25 percent.What happened to the relative price of a used textbook?

How is the market supply curve found? In what ways is the process similar to the way the market demand curve is determined? In what ways are they different?

-Refer to the above figure.A movement from point A to point B indicates

A movement along a demand curve is

When income increases,the demand curve for an inferior good

Each of the following would cause an increase in the supply of baseballs EXCEPT

Suppose that a new study finds that eating more peanut butter will improve a person's health.As a result,

All of the following will cause the supply curve of good A to shift rightward EXCEPT

An expected future increase in the price of gasoline may

The law of demand is based on the observation that

The price of a new textbook is $60 in one year and $75 two years later,while the price of a used copy of the textbook increased from $25 to $37.50.The relative price of a new textbook

-Refer to the above table.Suppose Buyer 2 leaves the market.What is the new market quantity of DVDs demanded at a price of $10?

For typical goods,supply curves are

Which of the following is an example of the law of demand?

The market clearing price is