Question 1

You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases.You suspect that _____ Blu-ray players shifts to the _____.

Accepted Answer

A) demand for;right. 
B) demand for;left. 
C) supply of;right. 
D) supply of;left. 
A) demand for;right. 
B) demand for;left. 
C) supply of;right. 
D) supply of;left.

Question 2

When the economy suffers a downturn and the incomes of many people decrease,vacationers are more likely to take car trips than to fly.Which statement provides one possible explanation for this phenomenon?

Accepted Answer

A) Air travel and travel by car are complementary goods. 
B) Air travel and travel by car are both normal goods. 
C) Air travel is a normal good and travel by car is an inferior good. 
D) Air travel is an inferior good and travel by car is a normal good. 
A) Air travel and travel by car are complementary goods. 
B) Air travel and travel by car are both normal goods. 
C) Air travel is a normal good and travel by car is an inferior good. 
D) Air travel is an inferior good and travel by car is a normal good.

Question 3

Use the following to answer question:  
-(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of movie tickets (a substitute)would result in a change illustrated by the move from:

Accepted Answer

A) f to g in Panel A. 
B) h to i in Panel B. 
C) j to k in Panel C. 
D) l to m in Panel D. 
A) f to g in Panel A. 
B) h to i in Panel B. 
C) j to k in Panel C. 
D) l to m in Panel D.

Question 4

If demand decreases and supply increases,the direction of change in the equilibrium quantity is unpredictable unless the relative magnitudes of the demand and supply changes are known.

Accepted Answer

A) True 
 B)False

Question 5

In the market for corn tortilla chips,what would cause a price increase?

Accepted Answer

A) Doctors tell their patients that tortilla chips are unhealthy. 
B) There is a technological advance in tortilla chip production. 
C) A fungus kills much of the corn crop in Nebraska. 
D) The price of salsa triples. 
A) Doctors tell their patients that tortilla chips are unhealthy. 
B) There is a technological advance in tortilla chip production. 
C) A fungus kills much of the corn crop in Nebraska. 
D) The price of salsa triples.

You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases.You suspect that _ Blu-ray players shifts to the _.

When the economy suffers a downturn and the incomes of many people decrease,vacationers are more likely to take car trips than to fly.Which statement provides one possible explanation for this phenomenon?

Use the following to answer question: -(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of movie tickets (a substitute)would result in a change illustrated by the move from:

If demand decreases and supply increases,the direction of change in the equilibrium quantity is unpredictable unless the relative magnitudes of the demand and supply changes are known.

In the market for corn tortilla chips,what would cause a price increase?

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

Exam 3: Supply and Demand

You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases.You suspect that _____ Blu-ray players shifts to the _____.

When the economy suffers a downturn and the incomes of many people decrease,vacationers are more likely to take car trips than to fly.Which statement provides one possible explanation for this phenomenon?

Use the following to answer question: -(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of movie tickets (a substitute)would result in a change illustrated by the move from:

If demand decreases and supply increases,the direction of change in the equilibrium quantity is unpredictable unless the relative magnitudes of the demand and supply changes are known.

In the market for corn tortilla chips,what would cause a price increase?

First Principles

Economic Models: Trade-Offs and Trade

Consumer and Producer Surplus

Price Controls and Quotas: Meddling With Markets

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve: Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition and Product Differentiation

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, Risk, and Private Information

Graphs in Economics

Consumer Preferences and Consumer Choice

Filters

You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases.You suspect that _ Blu-ray players shifts to the _.