Exam 4: The Market Forces of Supply and Demand

Which of the following events must result in a higher price in the market for cigars?

Table 4-6 -Refer to Table 4-6. If these are the only four sellers in the market, then when the price increases from $6 to $8, the market quantity supplied

The following table contains a supply schedule for a good. If the law of supply applies to this good, then Q1 could be

In competitive markets,

Figure 4-8 -Refer to Figure 4-8. Suppose the figure shows the market demand for laptop computers. Suppose the price of wireless keyboards, a complementary good, increases. Which of the following changes would occur?

Figure 4-27 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-27. Which of the four panels represents the market for cars as a result of the adoption of new technology on assembly lines?

Figure 4-11 -Refer to Figure 4-11. The movement from point A to point B on the graph represents

Suppose the number of buyers in a market decreases. As a result, would the demand curve in this market shift to the right or to the left?

Figure 4-22 -Refer to Figure 4-22. What is the equilibrium price in this market?

Which of the following events would cause a movement upward and to the left along the demand curve for olives?

Figure 4-6 -Refer to Figure 4-6. Suppose that the federal government is concerned about obesity in the United States. Congress is considering two plans. One would require "junk food" producers to include warning labels on all junk food. The other would impose a tax on all products considered to be junk food. We could illustrate the tax as producing a movement from

Who gets scarce resources in a market economy?

Elena loves orange juice. She reads in the newspaper that 20 percent of the Florida orange crop was destroyed by a late spring frost. Economists predict that the price of oranges will rise by 50 percent by the end of the year. As a result, Elena's demand for orange juice