Exam 4: The Market Forces of Supply and Demand

You have decided to purchase a new Mustang convertible.A friend tells you that Ford will stop offering a $3000 rebate on Mustangs starting next month.As a result of this information,what will happen to your demand curve for Mustangs

(Multiple Choice)

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Question 61

If a shortage exists in a market,what do we know

(Multiple Choice)

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Question 62

The law of demand states that the quantity demanded of a product is positively related to price.

(True/False)

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Question 63

Market demand is given as Q_D= 80 - 2P.Market supply is given as Q_S= 2P.What would result if the market price were $25

(Multiple Choice)

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Question 64

In a market,the price of any good adjusts until quantity demanded equals quantity supplied.

(True/False)

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Question 65

If 50-inch flat screen TVs became cheaper and buyers expected Netflix subscription prices to fall next year,what could we safely conclude would happen to the equilibrium price of a new Netflix subscription

(Multiple Choice)

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Question 66

It is not possible for demand and supply to shift at the same time.

(True/False)

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Question 67

What happens at the equilibrium price

(Multiple Choice)

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Question 68

Market demand is given as Q_D= 75 - P.Market supply is given as Q_S= 3P + 15.If price increases from $48 to $54,what is the price elasticity of demand

(Multiple Choice)

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Question 69

What is an example of an inferior good

(Multiple Choice)

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Question 70

Market demand is given as Q_D= 300 - 6P.Market supply is given as Q_S= 4P.If price increases from $10 to $14,what is the price elasticity of demand

(Multiple Choice)

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Question 71

Which of the following would NOT be a determinant of demand

(Multiple Choice)

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Question 72

What is the market demand

(Multiple Choice)

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Question 73

Which of the following determines a market supply curve but not an individual supply curve

(Multiple Choice)

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Question 74

What is the price where quantity supplied equals quantity demanded

(Multiple Choice)

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Question 75

Suppose that the Canadian Medical Association announces that men who shave their heads are less likely to die of heart failure.What could we expect to happen

(Multiple Choice)

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Question 76

A reduction in an input price will cause a change in quantity supplied,but not a change in supply.

(True/False)

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Question 77

Market demand is given as Q_D= 300- 3P.Market supply is given as Q_S= 2P + 100.If price increases from $50 to $60,what is the price elasticity of demand

(Multiple Choice)

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Question 78

Market demand is given as Q_D= 75 - P.Market supply is given as Q_S= 3P + 15.If price increases from $5 to $7,what is the price elasticity of demand

(Multiple Choice)

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Question 79

Sugar is a normal good.You observe that both the equilibrium price and quantity of sugar has fallen over time.Which of the following would be most consistent with this observation

(Multiple Choice)

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Question 80

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Exam 4: The Market Forces of Supply and Demand

You have decided to purchase a new Mustang convertible.A friend tells you that Ford will stop offering a $3000 rebate on Mustangs starting next month.As a result of this information,what will happen to your demand curve for Mustangs

If a shortage exists in a market,what do we know

The law of demand states that the quantity demanded of a product is positively related to price.

Market demand is given as QD = 80 - 2P.Market supply is given as QS = 2P.What would result if the market price were $25

In a market,the price of any good adjusts until quantity demanded equals quantity supplied.

If 50-inch flat screen TVs became cheaper and buyers expected Netflix subscription prices to fall next year,what could we safely conclude would happen to the equilibrium price of a new Netflix subscription

It is not possible for demand and supply to shift at the same time.

What happens at the equilibrium price

Market demand is given as QD = 75 - P.Market supply is given as QS = 3P + 15.If price increases from $48 to $54,what is the price elasticity of demand

What is an example of an inferior good

Market demand is given as QD = 300 - 6P.Market supply is given as QS = 4P.If price increases from $10 to $14,what is the price elasticity of demand

Which of the following would NOT be a determinant of demand

What is the market demand

Which of the following determines a market supply curve but not an individual supply curve

What is the price where quantity supplied equals quantity demanded

Suppose that the Canadian Medical Association announces that men who shave their heads are less likely to die of heart failure.What could we expect to happen

A reduction in an input price will cause a change in quantity supplied,but not a change in supply.

Market demand is given as QD = 300- 3P.Market supply is given as QS = 2P + 100.If price increases from $50 to $60,what is the price elasticity of demand

Market demand is given as QD = 75 - P.Market supply is given as QS = 3P + 15.If price increases from $5 to $7,what is the price elasticity of demand

Sugar is a normal good.You observe that both the equilibrium price and quantity of sugar has fallen over time.Which of the following would be most consistent with this observation

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

Elasticity and Its Application

Supply, demand, and Government Policies

Consumers, producers, and the Efficiency of Markets

Application: the Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers of Microeconomics

Filters

Market demand is given as Q_D= 80 - 2P.Market supply is given as Q_S= 2P.What would result if the market price were $25

Market demand is given as Q_D= 75 - P.Market supply is given as Q_S= 3P + 15.If price increases from $48 to $54,what is the price elasticity of demand

Market demand is given as Q_D= 300 - 6P.Market supply is given as Q_S= 4P.If price increases from $10 to $14,what is the price elasticity of demand

Market demand is given as Q_D= 300- 3P.Market supply is given as Q_S= 2P + 100.If price increases from $50 to $60,what is the price elasticity of demand

Market demand is given as Q_D= 75 - P.Market supply is given as Q_S= 3P + 15.If price increases from $5 to $7,what is the price elasticity of demand