Exam 3: Supply and Demand

Which of the following would NOT cause an increase in the demand for cheese?

What are five things that will shift a supply curve to the right?

TABLE 3-1 -Refer to Table 3-1.It illustrates the demand schedules for gourmet ice cream of two individuals and the rest of the market.At $4,what would the quantity demanded in the market be?

Which of the following would be most likely to cause an outward shift of the demand curve for electricity?

In the three months before a $1 per pack cigarette tax took effect in Ontario,smokers bought 175 million more cigarettes than during the same period a year earlier.What explains this behaviour by consumers?

Whenever the price of Good A decreases,the demand for Good B increases.What do Goods A and B appear to be?

When Mom buys more Jell-O⁽™⁾ because the price of pudding has risen,it is an example of the substitution effect.

Define what a market is and provide three examples of where a market can be found.

The income effect explains why people tend to purchase more of a good when their nominal income increases.

FIGURE 3-2 -Refer to Figure 3-2.As a result of the decrease in donut prices at Yum Yum Donuts,what do the managers at Krispy Kreme discover about the demand for their donuts?

Assume the demand schedule for cookies is downward sloping.What is the effect if the price of cookies falls?

Why do supply curves generally slope upward?

When the price of a good falls relative to other goods and the consumer consequently buys more of this good,what is this referred to as?

Why are economists more interested in relative prices rather than money prices?

Which of the following best describes what happens when you move along the supply curve?

Which of the following would most likely cause a reduction in the supply of Nintendo video games?

When the price of automobile insurance increases sharply,what is the likely impact on the market for automobiles?

Which of the following statements about the demand schedule for a good is the most accurate?

A demand curve shows the relationship between price and quantity demanded,"other things remaining constant." Which of the following is NOT included in the other things that remain constant?

What would happen to demand if consumers expect the price of computers to fall in the near future?