Exam 4: Demand, Supply, and Markets.

Table 4.4 Table 4.4 Price per Pizza (\ ) Quantity Demanded per Week (millions) Quantity Supplied per Week (millions) 10 10 30 8 15 25 6 20 20 4 25 15 2 30 10 -Refer to the market schedules for pizza in Table 4.4. What are the equilibrium price and quantity?

Saccharin and aspartame are both low-calorie substitutes for sugar. If saccharin is found to cause cancer, then _____

The demand for an inferior good decreases as consumer income increases.

Table 4.2 Table 4.2 Price per Pizza (\ ) Quantity Supplied per Week (millions) 15 28 12 24 9 20 6 16 3 12 -Refer to the market supply schedule for pizza in Table 4.2. If a new pizza chain opens and supplies the market with 2 million pizzas at a price of $9, what is the new quantity supplied in the pizza market at $9?

Recently, it has been discovered that lobsters grown on lobster farms can feed on algae, which is a cheaper lobster food. As a result of this discovery, _____.

When the price of a good falls, that good becomes cheaper compared to other goods so consumers tend to choose that good over other goods. This is best explained as _____

What do prices reflect?

The effect of a decrease in the price of personal computers on consumer demand, other things constant, is most likely to be represented by a _____

Table 4.3 $\begin{array} { | c | c | c | } \hline \text { Price (\$) } & \text { Quantity demanded } & \text { Quantity supplied } \\\hline 1.0 & 100 & 10 \\\hline 1.20 & 90 & 30 \\\hline 1.40 & 80 & 50 \\\hline 1.50 & 70 & 70 \\\hline 1.60 & 60 & 90 \\\hline\end{array}$ -The table below shows the quantity supplied and the quantity demanded of a good at different prices. If the market price of the good is $1.20, there will be a _____.

For a renter, the income effect of an increase in apartment rents will _____

When both the supply of and the demand for a good increases, the change in equilibrium quantity is indeterminate.

If at a given price, the amount by which quantity supplied exceeds quantity demanded, there is _____

The impact of a $200 increase in income on the quantity of housing demanded would be called an income effect.

The law of demand indicates that _____

Table 4.6 -Refer to Table 4.6. In which of the following combinations is the change in the equilibrium quantity of a good indeterminate?

The introduction of a new cost-effective production technique is likely to _____

If the price of vanilla ice cream increases, everything else remaining constant, it is likely that ___

The relationship between the price of a six-pack and the quantity of Pepsi demanded is called _____

Exhibit 4.3 -Refer to Exhibit 4.3, which shows the supply curves of baby formula. Which of the following is likely to result from an increase in the price of baby formula?

The most important characteristic of the equilibrium price is that it _____