Exam 3: Market Demand and Supply

Three of the four events described below might reasonably be expected to shift the demand curve for beef to a new position. One would not shift that demand curve. The single exception is a(n):

Other things being equal, an increase in the price of aspirin will decrease the demand for aspirin.

If X and Y are substitutes, the demand curve for X will shift to the right when the price of Y decreases.

Exhibit 3-12 Supply and demand data In Exhibit 3-12 the equilibrium price and quantity in the market are:

Assume that Coca-Cola and Pepsi-Cola are substitutes. A rise in the price of Coca-Cola will have which of the following effects on the market for Pepsi?

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

The horizontal summation of individual demand curves gives:

Assuming that professional and college football are substitutes, an increase in the ticket price for professional football, other things being equal, will:

A surplus in a market exists when there is an excess quantity demanded.

When the price of a good in a market is above equilibrium:

Demand curves are negatively sloped when people buy:

The supply curve for chicken will shift to the right, if production costs increase.

If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve:

Exhibit 3-6 Milk market In Exhibit 3-6, which of the following is true about the milk market?

Which of the following will increase the demand for motorcycles?

If tofu is a normal good, an increase in income will:

Which of the following is most likely to increase the supply of corn?

The supply schedule shows the specific quantity of a good that suppliers are willing and able to:

A decrease in the price of coffee, other things being equal, causes a(n):

Assume Q_s represents the quantity supplied at a given price and Q_d represents quantity demanded at the same given price. Which of the following market conditions produces an upward movement of the price?