Exam 4: The Market Forces of Supply and Demand

Figure 4-3 Consumer 1 Consumer 2 -Refer to Figure 4-3. If these are the only two consumers in the market, then the market quantity demanded at a price of $6 is

Figure 4-30 ​ -Refer to Figure 4-30. In this market for iPhones, the technology improves while all other factors remain constant. Which curve(s) shift(s) and in which direction?

Suppose Spencer and Kate are the only two demanders of lemonade. Each month, Spencer buys six glasses of lemonade when the price is $1.00 per glass, and he buys four glasses when the price is $1.50 per glass. Each month, Kate buys four glasses of lemonade when the price is $1.00 per glass, and she buys two glasses when the price is $1.50 per glass. Which of the following points is on the market demand curve?

Equilibrium price must decrease when demand

The unique point at which the supply and demand curves intersect is called

Figure 4-22 -Refer to Figure 4-22. At a price of $12, there is a

Table 4-15 The following table shows the number of cases of water each seller is willing to sell at the prices listed. -Refer to Table 4-15. Assuming these are the only four suppliers in this market, the function for market supply can be written as Q^S=

To obtain the market demand curve for a product, sum the individual demand curves

Suppose researchers discover a new, lower cost method of producing calculators. As a result, will the supply of calculators increase or decrease?

Currently you purchase ten frozen pizza per month. You will graduate from college in December, and you will start a new job in January. You have no plans to purchase frozen pizzas in January. For you, frozen pizzas are a(n)

Figure 4-28 ​ -Refer to Figure 4-28. Using the points on the figure, describe the change that would occur if consumer incomes increase and this is an inferior good.

When supply and demand both increase, equilibrium

Figure 4-7 -Refer to Figure 4-7. The shift from Db to Da is called

Table 4-13 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: • x = 2. • The current price of a sandwich is $3.00. • The market quantity supplied of sandwiches is 5. • The slope of the supply curve is 1. Then there is currently a

Which of the following is a determinant of the market supply curve but not a determinant of an individual seller's supply?

Which of the following is not an expression for the sum of all the individual demand curves for a product?

Figure 4-27 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-27. Panel (c) shows which of the following?

Figure 4-27 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-27. Panel (d) shows which of the following?

Assume Leo buys coffee beans in a competitive market. It follows that

Other things equal, when the price of a good falls, the