Exam 3: Demand and Supply

-The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point d would be the result of

Over the past decade technological improvements that have lowered the cost of producing an automobile have increased

Producers of tablet computers will be able to lower the wage rate that they pay to their workers. You are asked to predict the effects on the supply of tablet computers, and the price of a tablet computer. You predict that the supply curve shifts

-The above table gives the demand and supply schedules for Blu-ray discs. If the price of a Blu-ray disc is $8, there is a ________ and the price of a compact disc will ________.

The "law of demand" states that, other thing remaining the same, the higher

The statement that "demand increases" means that there is a

A decrease in the price of bowling shifts the

The relative price of a good is greater than the money price of a good.

In the market for bananas, the price is $2.00 a bunch. An increase in the supply of bananas decreases the price of bananas and ________.

-Consider the demand curves for soft drinks shown in the figure above. A movement from point a to point b represents

A change in which of the following would NOT shift the supply curve for sneakers?

The quantity of iPads that people plan to buy this month depends on all of the following EXCEPT the

The law of demand implies that if nothing else changes, there is

-Using the above figure, suppose there is a decrease in the number of suppliers. Then

The law of demand implies that demand curves

During the last decade, the price of a computer fell every year and the quantity sold increased every year. This experience suggests that the

The law of demand states that, other things remaining the same, the higher the price of a good, the

When people's incomes increase, the demand for a good increases. The good is called

An increase the expected future price of a good

In 2014, 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.