Exam 3: Demand and Supply

A change in which of the following alters buying plans for cars but does NOT shift the demand curve for cars?

An increase in price results in increase in supply but not an increase in the quantity supplied.

Many Southern farmers face a choice between planting peanuts or cotton. In 2011, farmers anticipated higher prices for cotton. In the market for peanuts in 2011, there would be ________ in the supply of peanuts, which leads to ________ in the price of peanuts and ________ in the quantity of peanuts.

When a market is in equilibrium,

Which of the following statements is correct?

Personal computers are becoming less expensive as new technology reduces the cost of production. In a supply and demand model, explain the effects of the technological innovations and their effect on the quantity of computers.

-Suppose the market for CD-Rs has the demand and supply schedules shown in the table above. Suppose a technological advance increases the quantity of disks supplied at each price by 25 million. What is the new equilibrium price and the new equilibrium quantity of CD-Rs?

When demand increases, the equilibrium price ________ and the equilibrium quantity ________.

An economist says: "The demand curve has two interpretations." What does the economist mean?

Inferior goods are those for which demand increases as

Which of the following shifts the demand curve for oranges?

Which of the following statements is correct?

Which of the following shifts the supply curve rightward?

If consumers but not producers expect that the price of soda will rise in November, the

What leads to a decrease in the quantity demanded of a good or service?

When the price is less than the equilibrium price,

Which of the following shifts the demand curve for hot dogs leftward?

All shredded wheat producers have decided to add a new ingredient to shredded wheat, the "crunch enhancer." Crunch enhancer keeps cereals crisper longer in milk and, as a result, consumers decide they like shredded wheat more than before. What happens to the supply and demand curves for shredded wheat now that is costs more to produce and consumers like it better?

-In the above figure, a change in quantity demanded with unchanged demand is represented by a movement from

-The above figures show the market for gasoline. Which figure(s) shows the effect of a new U.S. tax on oil that suppliers must pay?