Exam 4: Demand and Supply

Suppose the government imposes a small carbon tax on automakers.But the price of gasoline has doubled due to a Middle East crisis which has reduced oil production.In the market for autos,these changes mean that supply and demand have both changed with the effect on the demand larger than the effect on the supply.The result is that the price of autos will ________ and the number of autos sold will ________.

Suppose that the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward.Which of the following could have caused these shifts?

Which of the following increases the supply of a product?

The impact of an increase in the price of a particular good is illustrated as a

If both producers and consumers believe that a product's price will rise in the future,then at the present,demand ________ and supply ________.

-The graph illustrates the demand for peanuts.Peanuts are a normal good because the

Soda and hot dogs are complements for one another.If a shortage of carbonated water leads to an increase in the price of soda,then the

Which of the following does NOT increase the supply of personal computers,that is,does NOT shift the supply curve of personal computers?

-The graph illustrates the supply of sweaters.A fall in the price of sweaters brings

-The table above shows the situation in the gasoline market in Tulsa,Oklahoma.If the price of a gallon of gasoline is $3.65,then

-The above table gives the demand and supply schedules for cat food.What is the equilibrium price and quantity?

-Using the data in the table above,the equilibrium quantity and equilibrium price for a stapler is

If the supply of iPods increases,then I.the supply curve for iPods has shifted rightward. Ii.the price of iPods has decreased. Iii.there will be a movement upward along the iPod supply curve.

Which of the following is true?

The initial equilibrium price in the market for Web pages is $200 per page and 1000 Web pages are created in a month.Many new Web design firms now enter the market.As a result,

The quantity supplied of a good is

If the price is below the equilibrium price,

Assume a competitive market is in equilibrium.There is an increase in demand,but no change in supply.As a result the equilibrium price ________,and the equilibrium quantity ________.

A student at New York University used to take the Redhound bus when she visited her grandmother in Boston.After graduating,although the bus fare and the plane fare were the same as they were when she was a student,with a well-paid job on Wall Street she now takes the plane to Boston to visit her grandmother.For this student,travel by Redhound bus is

-The table above shows supply schedules for the two nail salons in town,Nancy's Nails and Fancy Nails.What is the market supply of manicures?