Exam 3: Demand and Supply

A ticket to see the Radio City Rockettes costs $90. You buy a ticket for $30 to see the New York Jets play football. The money price for

If good growing conditions increase the supply of strawberries and hot weather increases the demand for strawberries,the quantity of strawberries bought ________.

-The above figures show the market for oranges.Which figure(s) shows the effect of existing orange growers increasing the size of their orange groves?

In 2011,the price of peanuts was rising,which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future.In the current market for peanut butter,the price falls and the quantity decreases.This set of results means that

-The figure above shows the demand for fruit snacks.Which movement reflects an increase in the price of a complement for fruit snacks?

Which of the following decreases the demand for an inferior good?

Suppose people buy more of good 1 when the price of good 2 falls.These goods are

When supply and demand both increase,the

Price (dollars per pound of cat food) Quantity demanded (tons of cat food per year) Quantity supplied (tons of cat food per year) 1.00 52 15 1.50 46 26 2.00 43 34 2.50 40 30 3.00 35 44 -The above table gives the demand and supply schedules for cat food.What is the equilibrium price and quantity?

-The figure above shows supply curves for soft drinks.Suppose the economy is at point a.An increase in the number of suppliers would be shown as a movement from point a to a point such as

Consumers expect that the price of a gallon of gasoline will rise next week.As a result,

In 2011,the price of peanuts was rising,which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future.Consequently,in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter.

An increase in the number of fast-food restaurants

Georgine buys more sweaters when her income increases.For Georgine,sweaters are

Consider gardening books.What will happen to the market for these books as gardening becomes more popular and simultaneously printing costs increase?

If house purchases and renting an apartment are substitutes,then an increase in the price of a new house results in a rise in the rent charged for apartments.

After the sugar substitute saccharin was found to cause cancer in laboratory mice,its price dropped dramatically.This change in the price was because

-In the above figure,a change in quantity demanded with unchanged demand is represented by a movement from

If both the demand and supply increase,the equilibrium quantity ________ and the equilibrium price ________.

Price (dollars per disk) Quantity demanded (millions of disks per month) Quantity supplied (millions of disks per month) 0.50 50 0 1.00 40 15 1.50 30 30 2.00 20 45 2.50 10 60 3.00 0 75 -Suppose the market for CD-Rs has the demand and supply schedules shown in the table above.Suppose a decrease in the price of a CD burner increases the quantity of disks demanded at each price by 20 million.What are the new equilibrium price and equilibrium quantity of CD-Rs?