Exam 3: Demand and Supply

Which of the following would NOT shift the demand curve for turkey?

If the demand curve for bottled water shifts rightward and the supply curve of bottled water shifts leftward, the equilibrium

If the demand curve for bottled water shifts leftward and the supply curve of bottled water shifts leftward, the equilibrium

If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________.

-In the figure above, an increase in the quantity of oil supplied but NOT an increase in the supply of oil is shown by a movement from

-Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. An increase in the price of a soda results in a movement to a point such as

-The figure above shows the demand for fruit snacks. Which movement reflects an increase in income if fruit snacks are an inferior good?

There are 72,922 seats in Lambeau Field where the Green Bay Packers play football. The Packers have sold out their season tickets since 1960. There are about 80,000 people on the waiting list to buy season tickets in 2015. This means that at the price in 2015, the

The price of jet fuel falls. This fall shifts the

A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates

If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 8,000 per year, there is a ________ in the market and the price will ________.

-At a price of $10 in the above figure, there is

For "an increase in the quantity demanded" but not "an increase in demand" to occur, there must be a

Last year a very severe ice storm hit the north counties of New York state, and the states of Vermont and Maine. Electric poles were down and no one had power for days. It was reported that the price of kerosene heaters skyrocketed and the number purchased increased during this time. Using a supply and demand diagram, show the impact of the ice storm on the market for kerosene heaters.

Cable television companies must pay increased charges by the networks for the programs the cable companies carry. As a result, the price of cable television rises. Thus

Many Southern farmers face a choice between planting peanuts or cotton. In 2014, farmers anticipated higher prices for cotton. In the market for peanuts in 2014, there would be ________ in the supply of peanuts, which leads to ________ in the price of peanuts and ________ in the quantity of peanuts.

If the U.S. Surgeon General announces that increased wheat consumption could cause heightened anxiety levels among children and adults, what happens to the equilibrium price and quantity of shredded wheat?

Which of the following statements is TRUE?

-The above figures show the market for gasoline. Which figure shows the effect of a nation-wide strike by municipal bus drivers, which causes more people to drive their cars to work?

When the price of a normal good falls, the substitution effect leads to ________ in the quantity purchased and the income effect leads to ________ in the quantity purchased.