Exam 4: Demand and Supply

Consider the market for peanut butter.If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter)along with a decrease in the price of peanut brittle (a substitute in production for peanut butter),the

"Other things remaining the same,if the price of a good rises,the quantity supplied of that good increases." This sentence describes a

A change in the price of a good ________ its supply curve and ________ a movement along its supply curve.

List the factors that change supply and shift the supply curve.Tell what happens to supply and the supply curve when there is an increase in the factor.

-In the above figure,an increase in cost of the cheese used to produce pizza

When personal computers were first produced,the price was very high.As time passed,the price of personal computers fell because

-According to the figure above,which of the following events will increase the quantity demanded of bottled water?

Candy makers accurately anticipate the increase in demand for candy for Halloween so that the supply of candy and demand for candy increase the same amount.As a result,the price of candy ________ and the quantity of candy ________.

Suppose the equilibrium quantity of movie tickets is 1000.If the demand curve shifts ________,the equilibrium quantity of movie tickets will ________.

-The figure above shows the market for iPods.Which of the following shifts the demand curve from D0 to D1?

What leads to a decrease in the quantity demanded of a good or service?

-The above figure shows the market for pizza.The market is in equilibrium when the wages paid pizza workers increases.What point represents the most likely new price and quantity?

-The above figure illustrates the market for corn.If point "a" represents the original equilibrium and point "b" the new equilibrium,which of the following could have caused the change?

The law of supply reflects the fact that

If the number of companies producing memory chips increases,then the

Consumers eat salsa with taco chips.The price of salsa rises.How does the increase in the price of salsa affect the demand for taco chips?

Suppose that tattoos gained immense popularity with retired people as well as college students.This gain in popularity best reflects which of the following influences on buying plans?

Two brands of water,Natural Water and Mountain Water,are close substitutes.If the price of Mountain Water decreases,the fall in price

Which of the following results in a movement upward along the demand curve for movies?

-The graph illustrates the market for British pounds,the currency of the United Kingdom.As the number of buyers of pounds increases and the number of sellers of pounds increases,the equilibrium price of a pound