Exam 4: The Market Forces of Supply and Demand

Which of the following events would cause a movement upward and to the left along the demand curve for olives?

Which of the following changes would not shift the demand curve for a good or service?

Another term for equilibrium price is

Consider the market for portable air conditioners in equilibrium. A summer of unseasonably cool weather would cause

The demand curve for a good is a line that relates

You wear either shorts or sweatpants every day. You notice that sweatpants have gone on sale, so your demand for

In competitive markets,

Which of the following events could cause an increase in the supply of ceiling fans?

If a shortage exists in a market, then we know that the actual price is

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

Table 4-14 The table below shows the quantities demanded of milk per month by four families at various prices. -Refer to Table 4-14. If the four families listed are the only demanders in this market and the price of a gallon of milk is $4.00, what is the market quantity demanded?

A decrease in the price of sugar will shift the supply curve for cookies to the right.

Figure 4-15 -Refer to Figure 4-15. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for butter?

The market supply curve

Good X and good Y are substitutes. If the price of good Y increases, then the

All goods and services are sold in perfectly competitive markets.

Recent forest fires in the western states are expected to cause the price of lumber to rise in the next six months. As a result, we can expect the supply of lumber to

The law of demand is true for most goods in the economy.