Exam 2: Supply and Demand

A downward sloping demand curve indicates that

Supply curves

From the 1970s through the 1990s,the relative price of a college education has increased greatly.During the same time period,college enrollment has also increased.This evidence suggests that during this time period

If the demand curve is horizontal a rightward shift of the supply curve will lead to

The market supply curve is found by

As people have become more health-conscious and decided to eat food that is better for them

A leftward shift of the demand curve will lead to a(n)

Which of the following is NOT a characteristic of perfectly competitive markets?

Government prohibition of advertising cigarettes on television would most likely result in

The Law of Supply states

The above figure shows a graph of a market for pizzas in a large town.At a price of $10,the market

If Qs = -20 + 10p,and Qd = 400 - 20p,what is the equilibrium price?

The owner of a railroad that carries cargo should ________ supply when she foresees regulations that will ________ the cost of shipping cargo by truck.

At equilibrium,quantity sold equals the quantity bought.This implies that

Consumers have been buying fewer CDs as downloadable music has become easier to purchase and use.We would represent this as

When an imported good has restrictions are placed on it that limits the amount that can be imported and as a result the price of the good increases,the demand curve for that good will

-The above figure shows the market for apples.If apple farmers convince the government to set a minimum price of $4 per pound,then

A specific tax on sellers will

Costs that pertain to finding a trading partner and making a trade are called

According to the Law of Demand,the demand curve for a good will