Exam 2: Supply and Demand

Government prohibition of advertising cigarettes on television would most likely result in

Holding all other factors constant, consumers demand more of a good the

Producer groups tend to lobby for

Consumers have been buying fewer CDs as downloadable music has become easier to purchase and use. We would represent this as

The Law of Supply states

From the 1970s through the 1990s, the relative price of a college education has increased greatly. During the same time period, college enrollment has also increased. This evidence suggests that during this time period

Which of the following would NOT change demand?

If the government institutes a specific tax for a good,

An individual who is only willing to pay a relatively low amount for a particular good

A drought in the Midwest will raise the price of wheat because of a

A downward sloping demand curve indicates that

-The above figure shows a graph of the market for pizzas in a large town. At a price of $5, there will be

Suppose a market with an upward-sloping supply curve were currently at equilibrium. A rightward shift of the demand curve would cause

If pizza and tacos are substitutes, a decrease in the price of tacos would lead to a

A rightward shift of the demand curve in a market with an upward-sloping supply curve will lead to a(n)

A specific tax on sellers will

It is appropriate to use the supply-and-demand model in which of the following markets?

If the demand curve is horizontal a rightward shift of the supply curve will lead to

Technological innovation in the production of computers has led to

If a demand curve shifts left, it implies