Exam 3: Demand and Supply

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.A new store opens up on the edge of campus,Great Wild North Sportswear,which has the capacity to do as much business as all the existing businesses.The quantity of t-shirts supplied doubles at each price.In addition,in a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the local sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

Which one of the following events shifts the demand curve for grape jelly to the right?

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.A new store opens up on the edge of campus,Great Wild North Sportswear,which has the capacity to do as much business as all the existing businesses.The quantity of t-shirts supplied doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

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.If the price is set at $0.80 per cup,there is a ________ leading to a price ________.

If A and B are substitutes and the cost of a factor of production used in the production of A increases,then the price of

Use the figure below to answer the following questions. Figure 3.4.1 -At price P? in Figure 3.4.1,which one of the following is not true?

Use the table below to answer the following questions. Table 3.4.1 -Refer to Table 3.4.1.At a price of $3 a unit

Which one of the following will definitely lower the equilibrium price?

If demand increases and supply decreases,then the

If we observe a rise in the equilibrium price of good A,we know that either the demand for A has

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.Professor Hyper publishes a new study,showing that coffee raises the test performance of students.Students double their demand for coffee and the quantity of coffee demanded at each price doubles.The new equilibrium price is $________,and the new equilibrium quantity is ________ cups a day.

Which one of the following will definitely decrease the equilibrium quantity?

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.This change would be represented as a

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.The equilibrium price is $________ and the equilibrium quantity is ________ cups a day.

Suppose the price of a football is $20.00 and the price of a basketball is $10.00.The ________ of a football is ________.

Which market is an example of a market for services?

Use the figure below to answer the following questions. Figure 3.5.1 -The price of a good will fall if

If demand decreases and supply increases,then the

If Hamburger Helper is an inferior good,then,ceteris paribus,a decrease in income will lead to

Use the figure below to answer the following questions. Figure 3.5.1 -The price of a good will fall if