Exam 3: Demand and Supply

What will happen to the equilibrium price and quantity of coffee if it is discovered to help prevent colds and,at the same time,Brazil and Vietnam emerge in the global market as massive producers of coffee?

Refer to the table below for the following question. Table 3.4.2 -Refer to Table 3.4.2.The table shows the demand and supply schedules for shampoo.If the price is $6 a bottle,there is a ________ of shampoo.So the price of a bottle of shampoo ________,the quantity demanded ________ and the quantity supplied ________.The market moves to equilibrium.

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU -Refer to Table 3.5.2.A premature frost destroys half the coffee trees and the supply of coffee is cut in half.The new equilibrium price is $________ and the new equilibrium quantity is ________ cups a day.

If A is an inferior good and consumer income rises,the demand for A

The price of good X falls and the demand for good Y decreases.We can conclude that

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

Use the figure below to answer the following questions. Figure 3.4.2 -At a price of $10 a unit in Figure 3.4.2

The demand curve slopes downward to the right because

If A and B are substitutes and the price of A rises,we will observe

If A and B are complements in production and the price of A falls,the supply of B

Which market is an example of a resource market?

The opportunity cost of good A in terms of good B is equal to the

Use the table below to answer the following questions. Table 3.1.1 -Refer to Table 3.1.1.In 2010,the relative price of coffee in terms of tea is

Use the figure below to answer the following questions. Figure 3.4.2 -At a price of $4 a unit in Figure 3.4.2

Use the figure below to answer the following questions. Figure 3.4.1 -At price P? in Figure 3.4.1,

Suppose we observe a fall in the price of good A and a decrease in the quantity of good A bought and sold.Which one of the following is a likely explanation?

The fact that a fall in the price of a good results in a decrease in the quantity of the good supplied illustrates

Use the table below to answer the following questions. Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU -Refer to Table 3.5.3.Suppose that the price of a designer sport t-shirt is $10.The market has ________ leading to ________.

An increase in the price of ground beef

Use the table below to answer the following questions. Table 3.4.1 -Refer to Table 3.4.1.If the price is $3,then the shortage is