Exam 4: The Market Forces of Supply and Demand

Consider the market for new DVDs.If DVD players became cheaper,buyers expected DVD prices to fall next year,used DVDs became more expensive,and DVD production technology improved,then we could safely conclude that the equilibrium price of a new DVD would

Figure 4-3 -Refer to Figure 4-3.The movement from D to D' could be caused by

Figure 4-3 -Refer to Figure 4-3.The shift from D to D' is called

If something happens to alter the quantity supplied at any given price,then

When quantity supplied decreases at every possible price,we know that the supply curve has

Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following: • x = 2 • the current price of a sandwich is $3.00 • the market quantity supplied of sandwiches is 4 • the slope of the supply curve is 2 Then

Pizza is a normal good if

Saddle shoes are not popular right now,so very few are being produced.If saddle shoes become popular,then how will this affect the market for saddle shoes?

The quantity supplied of a good is the amount that

An increase in the price of a good will

To obtain the market demand curve for a product,sum the individual demand curves

Figure 4-7 -Refer to Figure 4-7.If the supply curves that are drawn represent supply curves for single-family residential houses,then the movement from S to S' could be caused by

Suppose buyers of computers and printers regard those two goods as complements.Then an increase in the price of computers will cause

Workers at a bicycle assembly plant currently earn the mandatory minimum wage.If the federal government increases the minimum wage by $1.00 per hour,then it is likely that the

Baseballs and baseball bats are substitute goods.

Figure 4-12 The diagram below pertains to the demand for turkey in the United States. -Refer to Figure 4-12.All else equal,buyers expecting turkey to be more expensive in the future would cause a current move

Which of the following is not held constant in a supply schedule?

An increase in the price of rubber coincides with an advance in the technology of tire production.As a result of these two events,

Wheat is the main input in the production of flour.If the price of wheat decreases,then we would expect the

An increase in the price of a product and an increase in the number of sellers in the market affect the supply curve in the same general way.