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Exam 3: Supply and Demand

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Question 41

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Which of the following is a determinant of market supply?

A) Consumer expectations.
B) Consumers' income.
C) Consumers' desire for the good.
D) Available technology.

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Question 42

Multiple Choice

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If there is a shortage at a given price,then

A) That price is the equilibrium price.
B) That price is greater than the equilibrium price.
C) That price is less than the equilibrium price.
D) There is no equilibrium price in the market.

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Question 43

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In a market economy,the people who receive the goods and services produced are those who

"Demand" is a statement of actual purchases. Demand is an expression of consumer buying intentions,as well as of a willingness to buy,and is therefore,not a statement of actual purchases.

Ceteris paribus,a consumer that purchases a sports car must consider the price of gasoline because these goods are

When the demand for coffee increases,ceteris paribus,the equilibrium price will also increase because

The price ceiling that the federal government placed on human organs caused

Complete Table 3.1.Then answer the indicated question. $\text { Quantity Demanded by }$ $\begin{array}{rccl}\text { Price}&\text { Alejandro }&\text {Ben }&\text {Carl }&\text {Market }\\\$ 8.00 & 8 & 4 & 2&\_\_\_ \\6.00 & 12 & 4 & 4 &\_\_\_\\4.00 & 20 & 4 & 6 &\_\_\_\\2.00 & 22 & 4 & 6&\_\_\_\end{array}$ $\text { Quantity Supplied by }$ $\begin{array}{lcll}\text { Price}&\text { Avery }&\text {Brandon}&\text { Cassandra }\\\$ 8.00 & 60 & 4 & 6&\_\_\_ \\\$ 6.00 & 42 & 4 & 4&\_\_\_ \\\$ 4.00 & 24 & 4 & 2&\_\_\_ \\\$ 2.00 & 6 & 4 & 0&\_\_\_\end{array}$ Table 3.1 Individual Demand and Supply Schedules In Table 3.1,if the price is $4,the market will

In a market economy,which of the following is an incentive for producers to produce efficiently?

The term opportunity cost refers to

An increase in the price of one good can cause the demand for another good to increase if the goods are substitutes. If the price of a good increases,consumers will respond by buying more of the relatively cheaper alternative (substitute).

A ballet performance had many empty seats.This implies that the

Ceteris paribus,which of the following is most likely to cause a decrease in the supply of skateboards?

An increase in the price of one good can cause the demand for another good to increase if the goods are complements. If the price of a good increases,consumers will buy a lower quantity of that particular good along with fewer of the complementary goods regardless of the price of the complement.

Ceteris paribus,if buyers expect the price of airline tickets to fall in the future,then right now there should be

Assume a series of forest fires reduces the supply of lumber,which is an input in the production of wooden bats.Baseballs and wooden bats are complements.If the price of wooden bats increases,we can expect the

Ceteris paribus,for a farmer,corn and wheat are

Market demand is determined by all of the following except

Land,labor,and capital are bought and sold in the product market. Land,labor,and capital are bought and sold in the factor market.

Complete Table 3.1.Then answer the indicated question. $\text { Quantity Demanded by }$ $\begin{array}{rccc}\text { Price }&\text { Alejandro}&\text { Ben }&\text { Carl}&\text { Market }\\\$ 8.00 & 8 & 4 & 2&\_\_\_ \\6.00 & 12 & 4 & 4&\_\_\_ \\4.00 & 20 & 4 & 6&\_\_\_ \\2.00 & 22 & 4 & 6&\_\_\_\end{array}$ $\text { Quantity Supplied by }$ $\begin{array}{lcll}\text { Price}&\text { Avery}&\text { Brandon }&\text {Cassandra }\\\$ 8.00 & 60 & 4 & 6 &\_\_\_\\\$ 6.00 & 42 & 4 & 4 &\_\_\_\\\$ 4.00 & 24 & 4 & 2 &\_\_\_\\\$ 2.00 & 6 & 4 & 0&\_\_\_\end{array}$ Table 3.1 Individual Demand and Supply Schedules In Table 3.1,the equilibrium market price is