Exam 3: Demand,supply,and Market Equilibrium

Refer to the information provided in Figure 3.14 below to answer the following questions. Figure 3.14 -Refer to Figure 3.14.A decrease in the wage rate of pizza makers will cause a movement from Point B on supply curve S2 to

Refer to the information provided in Figure 3.11 below to answer the questions that follow. Figure 3.11 -Refer to Figure 3.11.Assume hamburgers are a normal good.An increase in income will cause a movement from

Refer to the information provided in Table 3.1 below to answer the questions that follow. Table 3.1 -Refer to Table 3.1.This market will be in equilibrium if the price per pizza is

An increase in the wage rate of steel workers will reduce the supply of steel.

Refer to the information provided in Figure 3.3 below to answer the questions that follow. Figure 3.3 -Refer to Figure 3.3.As your income increased,the demand for X shifted from D1 to D2.Good X is

Related to the Economics in Practice on p.55: The Amazon Kindle and the electronic textbooks available for the Kindle are complementary goods.Electronic textbooks and traditional,hard copy textbooks are substitute products.If the price of traditional,hard copy textbooks increases,

The "law of demand" implies that

The change in the price of a good leads to a change in ________,which leads to a ________.

When Hurricane Andrew passed through Louisiana in the summer of 1992,approximately a quarter of the sugar cane crop was destroyed.Ceteris paribus,

A simultaneous decrease in both the supply of and the demand for silk boxer shorts would cause a decrease in the equilibrium quantity of silk boxer shorts.

Which of the following will NOT cause a shift in the demand curve for compact discs?

The quantity demanded of Pepsi has decreased.The best explanation for this is that

Michael Dell was the first individual who sold computers by mail order.The company founded by Dell is now one of the largest and most successful computer companies in the United States.Michael Dell would be classified as a(n)

Refer to Scenario 3.2 below to answer the questions that follow. SCENARIO 3.2: Lettuce and spinach are substitutes.Lettuce and tomatoes are complements.Lettuce is a normal good.During the winter,about 20% of the lettuce crop was destroyed by flooding. -Refer to Scenario 3.2.If at the same time that part of the lettuce crop was destroyed,consumer income also decreased,then,ceteris paribus,in the market for lettuce this would have caused

Refer to the information provided in Figure 3.11 below to answer the questions that follow. Figure 3.11 -Refer to Figure 3.11.Assume hamburgers and hot dogs are substitutes.A decrease in the price of hot dogs will cause a movement from

In college you practically existed on instant noodles,but now you earn $95,000 a year.You never want to see instant noodles again.We can safely conclude that you consider instant noodles to be a(n)

Refer to the information provided in Figure 3.11 below to answer the questions that follow. Figure 3.11 -Refer to Figure 3.11.Assume hamburgers and french fries are complements.A decrease in the price of french fries will cause a movement from

During an economic downturn when consumer income falls,the demand for tacos increases and the demand for sushi decreases.This implies that tacos

Factors of production are traded in the product market.

According to the law of supply,there is a