Exam 3: Demand, Supply, and Market Equilibrium

Which would cause an increase in the supply curve of cell-phone services?

An effective price floor will

Which is most likely to be observed in a community where legal ceilings are imposed on residential rents?

If Z is an inferior good, an increase in money income will shift the

Graphically, the market demand curve is

Which would be a likely cause of an increase in the demand for pizza?

Digital cameras and memory cards are

Refer to the diagram. An effective government-set price ceiling is best illustrated by

If market demand increases and market supply decreases, the change in equilibrium price is unpredictable without first knowing the exact magnitudes of the demand and supply changes.

Refer to the above graph, which shows the market for beef where demand shifted from D1 to D2. The change in equilibrium from E1 to E2 is most likely to result from

(1) (2) (3) (4) (5) Price 50 40 \ 10 70 80 60 50 9 60 70 80 60 8 50 60 90 70 7 40 50 100 80 6 30 40 Refer to the table. In relation to column (3), a change from column (1) to column (2) would mostly likely be caused by

The construction of demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is

Assume in a competitive market that price is initially below the equilibrium level. We can predict that price will

In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by

A decrease in the price of digital cameras would lead to a(n)

Which of the following goods would most probably be an inferior good?

Refer to the above graph. A decrease in supply would best be reflected by a change from

Refer to the diagram above, which shows three supply curves for corn. A movement from point a to point b is caused by a change in the

Which of the following factors will decrease the current demand for a product?

The supply curve shows the relationship between