Exam 3: Demand and Supply

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

The fact that when the price of a good goes up,people buy less of it is known as the

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

-Refer to the above figure.Which panel best demonstrates the demand curve?

Which one of the following would cause an increase in the demand for hotel rooms in Hawaii?

The price of a new textbook increased by 25 percent and the price of a used textbook increased by 30 percent.What happened to the relative price of the new textbook?

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

Which of the following are substitute goods?

-Refer to the above figure.A movement from Point A to Point B is caused by

An increase in demand for a good can be caused by

A movement along a supply curve is induced by a change in

The market supply curve can be derived by

Morgan graduates from college and gets a job paying $50,000 a year.While in school,she consumed 4 pounds of chicken and 1 pound of shrimp a month.After she starts work,she consumes 2 pounds of chicken and 3 pounds of shrimp a month.If everything else is held constant,we know that

A schedule of how much of a good people will purchase for a range of possible prices during a specified time period,other things constant,is the definition of

Suppose that because of unseasonably cold weather in Florida,a significant portion of the orange crop has been lost to freezing temperatures.This statement means that

Suppose a college increases the wages paid to student employees.Which of the following options is the best description of the most likely effect of the increase in wage earnings on the demand curve for school sweatshirts in the bookstore?

What would happen in the market for prescription drugs if people begin to view over-the-counter remedies as a good substitute for prescription medications?

-Refer to the above figure.The rightward shift of the curve indicates

What type of relationship does the law of demand demonstrate?

Distinguish between a change in demand and a change in quantity demanded.