FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 3: Demand and Supply

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 71

Multiple Choice

Review LaterAdd Note

Review Later

A market surplus occurs if the quantity:

A) demanded is greater than the quantity supplied.
B) demanded is less than the quantity supplied.
C) demanded is equal to the quantity supplied.
D) supplied is less than the quantity demanded.

Correct Answer

verified

Show Answer

Question 72

Multiple Choice

Review LaterAdd Note

Review Later

The key signals that send messages to buyers and sellers to buy or not to buy or to sell or not to sell are, all other things unchanged:

A) prices.
B) preferences.
C) government mandates.
D) expectations.

Correct Answer

verified

Show Answer

Question 73

Multiple Choice

Review LaterAdd Note

A shift to the left of a supply curve is caused by:

A price below the equilibrium price will:

Use the following to answer questions. Exhibit: The Market for Chocolate-Covered Peanuts -(Exhibit: The Market for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts is 40 cents, the price will:

An increase in both supply and demand must increase both equilibrium price and quantity.

Use the following to answer questions . Exhibit: The Determinants of Demand and Supply -(Exhibit: The Determinants of Demand and Supply) The exhibit shows how supply and demand might shift in response to specific events. Suppose consumer incomes increase. Which panel best describes how this will affect the market for used furniture, an inferior good?

A negative relationship between the quantity demanded and price is called the law of ______.

The price of oranges rises. What happens in the market for apples, which are a substitute for oranges?

Demand and supply curves are drawn assuming ceteris paribus. This means that:

An increase in demand, with no change in supply, will lead to ________ in equilibrium quantity and ________ in equilibrium price.

Use the following to answer questions . Exhibit: The Determinants of Demand and Supply -(Exhibit: The Determinants of Demand and Supply) The exhibit shows how supply and demand might shift in response to specific events. Suppose the population increases. Which panel best describes how this will affect the market for apples?

Given a supply curve that is positively sloped and a demand curve for a normal good that is negatively sloped, an increase in income will most likely result in:

When economists study the behavior of buyers, they are studying:

Use the following to answer questions. Exhibit: The Supply of Music Downloads -(Exhibit: The Supply of Music Downloads) A decrease in the fee charged for music downloads would result in a change illustrated by the move from:

Use the following to answer questions . Exhibit: The Market for Music Downloads -(Exhibit: The Market for Music Downloads) An increase in the wage rate paid to web site technical support employees would result in a change illustrated by the move from:

Use the following to answer questions. Exhibit: Demand and Supply Schedules for a Good -(Exhibit: Supply and Demand Schedules for a Good) If there were a decrease in supply by 100 units at each price, the equilibrium price and quantity would be ________ and ________ units, respectively.

A substantial increase in the price of oranges (a normal good) is likely to result from:

A shortage or a surplus can exist when the current price is equal to the equilibrium price.

The demand curve for on-demand videos has shifted to the right. What could have caused it?