Exam 3: Demand and Supply

Suppose that,at an official ticket price of $480,there are 6,000 Justin Timberlake fans wanting to attend his concert,but only 4,000 ticketed seats are available.Which one of the following statements is then true?

Graphically,the market supply curve is obtained by

A demand schedule

The alternative quantities demanded for a given time period at different possible prices is known as

The Chunnel auto tunnel allows motorists to travel between England and France.As an alternative,there is ferry service across the English Channel.What would happen in the market for ferry service if fees for using the Chunnel were increased?

Which of the following products are likely to be complementary goods?

Which of the following will cause the demand curve for cable TV services to shift to the left?

Which of the following pairs of goods is least likely to be a pair of complements?

When there is an excess quantity supplied in the market,

The price of a new textbook increases from $120 to $160,while the price of used copies of the textbook increased from $80 to $100.Other things being equal,we would expect

-Which of the following is a likely result of the dramatic decrease in the price of microprocessor chips to computer manufacturers in the last two decades?

Assuming coffee and cola are substitutes,if the price of coffee rises,

A per-unit government subsidy to producers of a good tends to

With reference to the difference between a change in demand and a change in quantity demanded,which of the following is true?

According to the law of demand,other things being equal,

The price of a phone call at a pay phone was 5 cents in 1950 and the price of a first-class stamp was 3 cents.In 2010,the pay phone costs 50 cents for a call and a first-class stamp costs 44 cents.We know that

There is an increase in the demand for cream when the price of coffee falls.Other things constant,we can conclude that coffee and cream are

Which of the following statements is consistent with an increase in supply?

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

-Refer to the above figure.The market clearing price is