Exam 4: Demand and Supply

What is the "quantity demanded"?

To be part of the supply for a good,a producer must be

If a freeze destroys oranges before they are harvested,the equilibrium price of an orange ________ and the equilibrium quantity ________.

-The above figure shows the market for pizza.The market is in equilibrium when some of the pizza firms go out of business.What point represents the most likely new price and quantity?

Suppose the equilibrium price of oranges is $2.00 per pound.If the actual price is above the equilibrium price,a

Suppose that the price of lettuce used to produce tacos increases.This change means that the equilibrium price of a taco ________ and the equilibrium quantity ________.

Suppose that people decide riding scooters is no longer fun.The equilibrium price of a scooter ________,and the equilibrium quantity of scooters ________.

An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of

-Which figure above shows the effect of a technological advance in the production of pizza?

If the price of iPods decreases,

-The above figure shows the market for laptops.Which of the following shifts the supply curve from S? to S??

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

One reason the demand for laptop computers might increase is a

People come to expect that the price of a gallon of gasoline will rise next week.As a result,

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

An increase in the number of pineapple growers results in

Which of the following brings only an increase in the quantity demanded of a good?

Consider the market for cellular phones.Which of the following shifts the demand curve leftward?

The demand for oranges increases while the supply decreases.The equilibrium price of oranges ________,and the equilibrium quantity ________.

Suppose that the productivity used to produce computers advances.How does this change affect the supply of computers and the supply curve of computers?