Exam 3: Supply and Demand

If steak and potatoes are complements,when the price of steak goes up,the demand curve for potatoes:

In the local market for coffee,a normal good,the price will _____ and the quantity will _____ if new coffee shops open and consumers' incomes decrease because of a recession.

Which factor would result solely in a movement along the demand curve for a particular good?

When milk consumption decreased,a survey firm wanted to know what was going on,so they interviewed people and found that people thought that rising milk prices were making it hard to justify their milk purchases.This suggests that what is going on is a:

Use the following to answer question: -(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.The equilibrium price and quantity in this market are,respectively:

Good X and good Y are related.If the price of good X increases and the demand for good Y shifts left,these goods are:

Use the following to answer question: -(Figure: Supply of Coconuts)Use Figure: Supply of Coconuts.An expectation on the part of coconut suppliers that the price of coconuts will be significantly higher in the very near future would be represented in the figure as a movement from:

"In 2008,air travel decreased substantially,despite significant reductions in ticket prices." If this information is correct,it indicates that the law of demand did not apply to air travel in 2008.

Use the following to answer question: -(Figure: Supply of Coconuts)Use Figure: Supply of Coconuts.An improvement in the technology used to harvest coconuts (e.g. ,a faster,less expensive coconut picker)would be represented in the figure as a movement from:

Use the following to answer question: -(Figure: The Demand and Supply of Wheat)Use Figure: The Demand and Supply of Wheat.A price of _____ will result in a _____.

After graduation many students' demand for used cars decreases.This may be because used cars are considered a normal good to college graduates.

Use the following to answer question: -(Figure: Demand and Supply of Gasoline)Use Figure: Demand and Supply of Gasoline.Given the equilibrium after a change in supply from S₁ to S₂:

The supply curve for apartments in Oregon reflects how many apartments landlords are willing and able to offer for rent at various prices.

The demand curve for running shoes has shifted to the right.What could have caused it?

Use the following to answer question: -(Figure: The Blu-ray Disc Rental Market)Use Figure: The Blu-ray Disc Rental Market.If the rental price of Blu-ray discs rises from $5 to $7:

Market equilibrium occurs when:

Use the following to answer question: -(Figure: Demand for Coconuts)Use Figure: Demand for Coconuts.If coconuts are a normal good and consumers believe that the price of coconuts will rise significantly in the near future,it will be represented in the figure as a:

Use the following to answer question: -(Figure: The Market for Candy)Use Figure: The Market for Candy.A surplus of the good will exist at a price of:

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 result in:

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 Google Chromecast adapters (a complement good)would result in a change illustrated by the move from: