Exam 4: The Market Forces of Supply and Demand

Figure 4-21 -Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

A decrease in the price of a good will

An increase in the price of a good would

Table 4-7 Price Quantity Denanded Quantity Supplied \ 10 10 60 \ 8 20 45 \ 6 30 30 \ 4 40 15 \ 2 50 0 -Refer to Table 4-7. The equilibrium price and quantity, respectively, are

Sellers respond to a surplus by cutting their prices.

Figure 4-10 -Refer to Figure 4-10. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

Table 4-4 Price Firm A's Quantity Supplied Firm B's Quantity Supplied Firm C's Quantity Supplied Firm D's Quantity Supplied \ 0 10 0 0 0 \ 2 8 3 4 5 \ 4 6 6 8 10 \ 6 4 9 12 15 \ 8 2 12 8 20 \ 10 0 15 4 25 -Refer to Table 4-4. If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

Figure 4-13 -Refer to Figure 4-13. The shift from S to S' is called a(n)