Exhibit 3-8 Demand and supply data for Video games \[\begin{array} { | c | c | c | } \hline \text { Price } & \begin{array} { c } \text { Quantity Demanded } \\ \text { of Video games } \end{array} & \begin{array} { c } \text { Quantity Supplied } \\ \text { of Video games } \end{array} \\ \hline \$ 75 & 400 & 900 \\ 70 & 450 & 850 \\ 65 & 500 & 800 \\ 60 & 550 & 750 \\ 55 & 600 & 700 \\ 50 & 650 & 650 \\ 45 & 700 & 600 \\ 40 & 750 & 550 \\ \hline \end{array}\] -Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an ____________ of ______________ video games in this market.?

A) ?excess demand; 450 B) ?excess demand; 500 C) ?excess supply; 400 D) ?excess supply; 850 E) ?excess demand; 400 A) ?excess demand; 450 B) ?excess demand; 500 C) ?excess supply; 400 D) ?excess supply; 850 E) ?excess demand; 400

Exam 3: Market Demand and Supply

Exhibit 3-8 Demand and supply data for Video games Price Quantity Demanded of Video games Quantity Supplied of Video games \ 75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 -Exhibit 3-8 presents supply and demand data for the video game market. If the price of video games was currently $70, there would be an of __ video games in this market.?

(Multiple Choice)

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(79)

Question 41

Suppose that X and Y are substitute goods. If the price of good X increases, we can expect:

(Multiple Choice)

4.8/5

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Question 42

If more people enter medical school, we can expect:

(Multiple Choice)

4.9/5

(76)

Question 43

Which of the following will not shift the demand curve for televisions?

(Multiple Choice)

4.8/5

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Question 44

An increase in the demand for a product means that the:

(Multiple Choice)

4.8/5

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Question 45

Assuming that travel from New York to Los Angeles is a normal good, a decrease in consumer income, other things being equal, will:

(Multiple Choice)

4.8/5

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Question 46

The demand schedule for a good shows:

(Multiple Choice)

4.8/5

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Question 47

Which of the following is true for the law of demand?

(Multiple Choice)

4.9/5

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Question 48

Exhibit 3-10 Demand and supply curves -In Exhibit 3-10, which of the following is true about this graph?

(Multiple Choice)

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Question 49

The "ceteris paribus" clause in the law of demand does not allow which of the following factors to change?

(Multiple Choice)

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Question 50

If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:

(Multiple Choice)

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Question 51

If a surplus of a product currently exists in the market,

(Multiple Choice)

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Question 52

In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price.

(True/False)

4.8/5

(70)

Question 53

Exhibit 3-15 Supply and demand curves for good X -In Exhibit 3-15, if the price moves from $2.00 to $1.00, unsold inventories will:

(Multiple Choice)

4.9/5

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Question 54

Producer surplus is the:

(Multiple Choice)

5.0/5

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Question 55

If input prices increase, the supply curve for cheese will shift to the right.

(True/False)

4.8/5

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Question 56

Which of the following would most likely cause the demand for veggie burgers to increase?

(Multiple Choice)

4.9/5

(78)

Question 57

Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):

(Multiple Choice)

4.7/5

(80)

Question 58

Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8, the quantity demanded for each person is 5. When the price is $4, the quantity demanded for each person is 9. Assuming the law of demand holds, which of the following choices is the most likely quantity demanded in the market when the price is $6?

(Multiple Choice)

4.8/5

(71)

Question 59

Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:

(Multiple Choice)

5.0/5

(83)

Question 60

Suppose that X and Y are substitute goods. If the price of good X increases, we can expect:

If more people enter medical school, we can expect:

Which of the following will not shift the demand curve for televisions?

An increase in the demand for a product means that the:

Assuming that travel from New York to Los Angeles is a normal good, a decrease in consumer income, other things being equal, will:

The demand schedule for a good shows:

Which of the following is true for the law of demand?

Exhibit 3-10 Demand and supply curves -In Exhibit 3-10, which of the following is true about this graph?

The "ceteris paribus" clause in the law of demand does not allow which of the following factors to change?

If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:

If a surplus of a product currently exists in the market,

In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price.

Exhibit 3-15 Supply and demand curves for good X -In Exhibit 3-15, if the price moves from $2.00 to $1.00, unsold inventories will:

Producer surplus is the:

If input prices increase, the supply curve for cheese will shift to the right.

Which of the following would most likely cause the demand for veggie burgers to increase?

Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):

Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:

Introducing the Economic Way of Thinking

Production Possibilities, Opportunity Cost, and Economic Growth

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution, Poverty, and Discrimination

Antitrust and Regulation

Environmental Economics

International Trade and Finance

Economies in Transition

Growth and the

Filters

Exam 3: Market Demand and Supply

Suppose that X and Y are substitute goods. If the price of good X increases, we can expect:

If more people enter medical school, we can expect:

Which of the following will not shift the demand curve for televisions?

An increase in the demand for a product means that the:

Assuming that travel from New York to Los Angeles is a normal good, a decrease in consumer income, other things being equal, will:

The demand schedule for a good shows:

Which of the following is true for the law of demand?

​Exhibit 3-10 Demand and supply curves ​ ​ ​ -In Exhibit 3-10, which of the following is true about this graph?

The "ceteris paribus" clause in the law of demand does not allow which of the following factors to change?

If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:

If a surplus of a product currently exists in the market,

In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price.

​​Exhibit 3-15 Supply and demand curves for good X -In Exhibit 3-15, if the price moves from $2.00 to $1.00, unsold inventories will:

Producer surplus is the:

​If input prices increase, the supply curve for cheese will shift to the right.

Which of the following would most likely cause the demand for veggie burgers to increase?

Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):

Assuming that clothing is a normal good, an increase in consumer income, other things being equal, would:

Introducing the Economic Way of Thinking

Production Possibilities, Opportunity Cost, and Economic Growth

Markets in Action

Price Elasticity of Demand and Supply

Consumer Choice Theory

Production Costs

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Labor Markets

Income Distribution, Poverty, and Discrimination

Antitrust and Regulation

Environmental Economics

International Trade and Finance

Economies in Transition

Growth and the

Filters

Exhibit 3-10 Demand and supply curves -In Exhibit 3-10, which of the following is true about this graph?

Exhibit 3-15 Supply and demand curves for good X -In Exhibit 3-15, if the price moves from $2.00 to $1.00, unsold inventories will:

If input prices increase, the supply curve for cheese will shift to the right.