Exam 3: Demand and Supply

Each point on the demand curve reflects

Which of the following increases the supply of a product?

Oatmeal is a normal good and cold cereal is a substitute for oatmeal. Raisins are a complement for oatmeal. Which of the following increases the demand for oatmeal?

-The above figures show the market for hamburger meat. Which figure(s)shows the effect of a new report by the U.S. Surgeon General that beef consumption is healthier than previously believed?

List the factors that change supply and shift the supply curve. Tell what happens to supply and the supply curve when there is an increase in the factor.

When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that

When the price of a pizza decreases from $14 to $12

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

-In the figure above, if the price is $8 a unit, is there a shortage or surplus and what is the amount of any shortage or surplus? What is the equilibrium price and quantity?

If the price of a video rental is below its equilibrium price, there will be a ________ of video rentals and the price will ________.

-In the above figure, if D? is the original demand curve and the price of a substitute in consumption rises, which price and quantity might result?

The quantity demanded of a good or service is the quantity that a consumer

If the price is above the equilibrium price, then there is a

During the mid-2000s, the average price of a used car fell by nearly $500 and the quantity sold nation-wide decreased by several thousand each year. This set of results is a contradiction of the law of demand.

"If the price of crude oil falls, the demand for gasoline will increase, so people will by more gas and the price of gas will go up." Is this statement true or false? Explain.

-The table gives the demand and supply schedules for boat rides. If the supply of boat rides increases by 20 rides a day, the price will ________.

Which of the following shifts the supply curve for gasoline rightward?

Ham and eggs are complements. If the price of ham rises, the demand for eggs will

When the demand for a good decreases, its equilibrium price ________ and equilibrium quantity ________.

-If there is surplus of a good, then the quantity demanded ________ the quantity supplied and the price will ________.