Exam 3: Demand, Supply, and Market Equilibrium

Refer to the information provided in Table 3.2 below to answer the questions that follow. Table 3.2 -Refer to Table 3.2. If the price per cheeseburger is $7, the price will

Refer to the information provided in Table 3.1 below to answer the questions that follow. Table 3.1 -Refer to Table 3.1. If the price per pizza is $6, there is an excess

Resources are exchanged in ________ markets.

All households have ultimately limited incomes.

Refer to the information provided in Table 3.2 below to answer the questions that follow. Table 3.2 -Refer to Table 3.2. In this market there will be an excess demand of 500 cheeseburgers at a price of

In response to news reports that taking aspirin daily can reduce an individual's risk of a heart attack, there will most likely be a(n)

Suppose the demand for books goes down when the price of video games goes down. We can say that these two goods are

Which of the following will cause a shift in the demand curve for hoverboards?

According to the law of demand there is negative relationship between ________ and ________.

Inputs are traded in the factor market.

A technological advance in the production of digital video recorders will cause them to become less expensive.

If price is below the equilibrium, then quantity supplied will be less than quantity demanded putting upward pressure on price.

Refer to the information provided in Figure 3.10 below to answer the following questions. Figure 3.10 -Refer to Figure 3.10. 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 3.15 below to answer the questions that follow. Figure 3.15 -Refer to Figure 3.15. The current quantity of bags of pretzels supplied is 100. You accurately predict that in this market

In input, or factor, markets,

Firms are the producing units of the economy.

Refer to the information provided in Figure 3.10 below to answer the following questions. Figure 3.10 -Refer to Figure 3.10. A movement from Point C to Point B on supply curve S₂ would be caused by a(n)

Refer to the information provided in Figure 3.13 below to answer the questions that follow. Figure 3.13 -Refer to Figure 3.13. Assume hamburgers and french fries are complements. A decrease in the price of french fries will cause a movement from

Refer to the information provided in Table 3.2 below to answer the questions that follow. Table 3.2 -Refer to Table 3.2. This market will be in equilibrium if the price per cheeseburger is

Refer to the information provided in Figure 3.10 below to answer the following questions. Figure 3.10 -Refer to Figure 3.10. An increase in the price of pizza sauce will cause a movement from Point B on supply curve S₂ to