Exam 4: Demand, Supply, and Markets

Figure 4.3 shows the supply curves for baby formula.In the figure given below,the development of more efficient production technologies for baby formula is likely to cause which of the following changes?

For a given upward-sloping supply curve,a decrease in demand will lead to a(n):

If demand for personal computers increases as a result of an increase in income,_____.

A change in money income of consumers will:

In the market for chewing gum,the current price is 50 cents per pack and 100,000 packs are sold.Which of the following events is most likely to result in a new equilibrium price of 60 cents and quantity of 90,000 packs?

Suppose the price of compact disks (CDs)increases,other things equal.Which of these is most likely to occur in the market for DVDs,a substitute?

Suppose the market for beef cattle was initially in equilibrium .An increase in the price of the fodder used to feed cattle would cause:

A decrease in demand for a good generally implies that:

A mismatch between quantity demanded and quantity supplied will always force a price change.

The figure given below depicts the milk market.The horizontal line,P,represents a price ceiling imposed by the government.Which of the following is true?

The table given below shows the quantity supplied and the quantity demanded for a good at different prices.If the price of the good is $1.40,there is a _____. $\begin{array}{l}\text { Table } 4.1\\\begin{array} { | r | r | r | } \hline { \text { Price(\$) } } & { \begin{array} { l } \text { Quantity } \\\text { demanded }\end{array} } & { \begin{array} { l } \text { Quantity } \\\text { supplied }\end{array} } \\\hline 1 & 100 & 10 \\\hline 1.2 & 90 & 30 \\\hline 1.4 & 80 & 50 \\\hline 1.5 & 70 & 70 \\\hline 1.6 & 60 & 90 \\\hline\end{array}\end{array}$