Exam 3: Demand and Supply

Ticket scalpers at the NCAA basketball tournament last year charged prices high above the printed ticket price. This observation is evidence of

An increase in the incomes of baseball fans in New York leads to a rightward movement along the demand curve but does not shift the demand curve for Yankees tickets.

In 2006, the base price of a Hummer SUV was about $30,000. By 2008 as gasoline prices increased,

-The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?

Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A

Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true?

-The above table gives the demand and supply schedules for compact discs. If the price of a compact disc is $8, there is a _ and the price of a compact disc will _ .

The quantity of CDs that firms plan to sell this month depends on all of the following EXCEPT the

Consider the market for broccoli. If the price of a pound of broccoli increases, what happens to the supply of broccoli?

The quantity of cars that people plan to buy this month depends on all of the following EXCEPT the )

For consumers, chocolate chip cookies and doughnuts are substitutes. So, an increase in the price of chocolate chip cookies will lead to a rightward shift in the demand curve for doughnuts.

Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call

When the price of a pizza decreases from $12 to $10, it is definitely the case that the

-The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $4.00 per pound, there is a

-The figure above shows the market for airline tickets. In early 2008 firms negotiated lower wages with their workers. This change is shown in the figure as a shift from

-Consider the figure above showing supply curves for soft drinks. Suppose the economy is at point A. An increase in the number of suppliers would be shown as a movement from point a to a point such as

If the quantity demanded exceeds the quantity supplied, then there is

An unusually warm winter shifts the

A relative price is

Each point on a supply curve represents