Exam 4: The Market Forces of Supply and Demand

Figure 4-20 The graph below pertains to the supply of paper to colleges and universities. -Refer to Figure 4-20. All else equal, an increase in the price of the pulp used in the paper production process would cause a move from

A newspaper's classified ads are an example of a market.

If the demand for movies increases at the same time as the movie industry adopts labor-saving technology for producing movies, the equilibrium price for movies will increase, but the effect on the equilibrium quantity of movies is ambiguous.

If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the left.

If, at the current price, there is a shortage of a good, then

Suppose that a decrease in the price of good X results in fewer units of good Y being demanded. This implies that X and Y are

Table 4-1 Price Qurantit; Demanded by Michelle Qurintity Demtanded by Laura Quantity Damanded by Hillary \ 5 5 4 11 \ 4 6 6 13 \ 3 7 8 15 \ 2 8 10 17 1 9 12 19 \ 0 10 14 21 -Refer to Table 4-1. Which of the following illustrates the market demand curve?

If a good is inferior, then an increase in income will result in

The difference between a supply schedule and a supply curve is that a supply schedule

Which of the following demonstrates the law of demand?

Figure 4-18 -Refer to Figure 4-18. What is the equilibrium quantity in this market?

Figure 4-11 -Refer to Figure 4-11. If these are the only two sellers in the market, then the market quantity supplied at a price of $4 is

An increase in the number of college scholarships issued by private foundations would

Figure 4-6 -Refer to Figure 4-6. The movement from D' to D could be caused by

Suppose you make jewelry. If the price of gold falls, then we would expect you to

In competitive markets,

A group of buyers and sellers of a particular good or service is called a(n)

When quantity demanded has increased at every price, it might be because

When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell.

A table that shows the relationship between the price of a good and the quantity demanded of that good is called a