Exam 3: Supply and Demand

Which of the following items is most likely to be an inferior good?

If Holly's demand for fast food decreases as her income rises,then

Which of the following would be the best example of a spot market?

One of the three Key Steps of economic analysis is

Which of the following statements about demand is correct?

In a competitive market,when price is below the equilibrium level,the price will be driven upward due to

An excess supply of rice in a competitive market would indicate that

-Consider the market for ground beef represented by Figure 3-12,which is initially in equilibrium at point J.Assume that ground beef is an inferior good.Which of the following could explain a movement to a new equilibrium at point M?

In a perfectly competitive market,

If some piece of information causes buyers to expect the price of a good to rise in the future,but sellers take the same information and believe it will have no impact on price,the result is

If the resource prices faced by a firm rise,the result is a(n)

If the market for a good is initially in equilibrium and there is a rightward shift of the demand curve,then

If the supply curve does not shift,an increase in demand results in a(n)

A speculator is someone who

Which of the following would lead to a change in both the quantity of a good buyers wish to purchase and in the quantity sellers wish to sell?

Supply curves usually slope upward because producers face increasing opportunity costs when increasing output.

Orange juice and cranberry juice are substitute goods.An increase in the price of orange juice results in a(n)

A good is said to be a normal good when

In a competitive market,excess demand for a good exists whenever

When households and businesses interact in product markets resources are