Exam 4: Demand, Supply, and Markets.

If demand increases and supply decreases in a market that is in equilibrium, the equilibrium quantity will _____

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. If the price falls to $2, what will happen?

Exhibit 4.4 -Refer to Exhibit 4.4, which shows the supply curve of a good. Which outcome will result when price increases from P to P'?

When the suppliers of a good that can be easily stored expect its price to increase in the future, they will reduce its current supply.

Rent controls usually result in _____

As the price of ballpoint pens increases, the demand for felt-tip pens can be expected to decrease.

If the number of consumers for a good increases, demand will ______

Miguel buys 1 pizza per week when the price is $10, and buys 2 when the price is $7. Miguel is demonstrating _____

The law of supply indicates that _____

The law of supply implies that _____

If fewer families have young children, the _____

An increase in professors' salaries increases the supply of college education.

Other things constant, the current supply curve of index cards is likely to shift to the right if _____

Which of the following will cause a movement along the demand curve?

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

Exhibit 4.7 -Suppose a price floor for a good is set above the equilibrium price. At this price, it is likely that _____

Exhibit 4.8 -In the Exhibit given below, which of the following is true at the price ceiling, P?

Which of the following is likely to shift the current demand curve for a normal good to the right?

Markets tend to increase the costs of time and information required for exchange.

Producers supply larger quantities of any good at higher prices because _____