Exam 3: Demand and Supply

All grapefruit juice producers have decided to blend tangerine juice with the grapefruit juice. This blend results in a higher cost of production, but studies show that consumers prefer the taste of the blend to straight grapefruit juice. What will happen to the equilibrium price and quantity of the new "blended" grapefruit juice now that it costs more to produce but consumers like it better?

A recession occurs and people's incomes decrease. Knowing that an iPad is a normal good, you predict that the demand for an iPad

The supply curve slopes upward when graphed against ________, because of ________.

If the demand for digital cameras increases when consumers' income rise, then digital cameras are

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

-The above figures show the market for gasoline. Which figure(s)shows the effect of a decision by the OPEC countries in the Middle East to export less oil to the rest of the world?

-The above figure shows the market for hamburger. Which figure shows the effect of an announcement by the U.S. Food and Drug Administration (FDA)that eating hamburger causes early death?

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

The quantity supplied of a good is

In the market for chocolate chip cookies, if the demand decreases while the supply increases, the price definitely falls but the quantity might increase, decrease, or remain the same.

Normal goods are those for which demand decreases as

Which of the following shifts the supply curve for oranges?

If a market is NOT in equilibrium, then which of the following is likely to occur?

-The above table shows the demand schedule and supply schedule for chocolate chip cookies. An increase in income results in an increase in the demand for chocolate cookies by an amount of 3 pounds at every price. What are the new equilibrium quantity and equilibrium price?

The price of a bag of corn chips is $3, and the price of a bottle of soda is $1. What is the relative price of a bottle of soda?

The "law of demand" states that, other things remaining the same, the quantity demanded of any good is

A decrease in the demand for beef because of concerns over cholesterol results in

Farmers can use their land to grow soy beans or corn. If the price of corn rises,

If workers who make DVDs get a pay raise, the equilibrium price of a DVD ________ and the equilibrium quantity of DVDs ________.

-The above table gives the demand and supply schedules for Blu-ray discs. Based on the table, the equilibrium quantity and price of a Blu-ray discs is