Exam 3: Demand and Supply

-The figure above shows supply curves for soft drinks. Suppose the economy is at point a. A movement to point d would be the result of

Blank DVDs and prerecorded DVDs are substitutes in production. An increase in the price of a blank DVD will lead to

-Suppose the market for Blu-rays has the demand and supply schedules shown in the table above. Suppose a technological advance increases the quantity of disks supplied at each price by 25 million. What is the new equilibrium price and the new equilibrium quantity of Blu-rays?

-In the above figure, in order for the equilibrium price to remain constant while the equilibrium quantity increases, the

By definition, an inferior good is a

What are substitutes in production?

The quantity supplied of a good or service is the amount that

When economists speak of preferences as influencing demand, they are referring to

If consumers but not producers expect that the price of soda will rise in November, the

The price of cereal rises. As a result, people have cereal for breakfast on fewer days and eat eggs instead. This behavior is an example of

Which of the following CORRECTLY describes how price adjustments eliminate a shortage?

Which of the following statements is CORRECT?

The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________.

In 2014, the price of peanuts increased. In the market for peanut butter, this change led to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter.

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?

-In the figure above, which movement could be the result of an increase in the wages paid to oil workers?

The Market for Wapanzo Beans Quantity Demanded Price Quantity Supplied (millions of pounds (dollars per (millions of pounds per year) pound) per year) -Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is exceptionally good growing weather in the wapanzo bean growing region then supply will ________ and demand will ________.

After 2009, the price of tablets fell each year and manufacturers of tablets produced and sold more tablets each year. This result is because the

In 2006, the base price of a Hummer SUV was about $30,000. By 2008 as gasoline prices increased,

-The above table gives the demand and supply schedules for Blu-ray discs. Suppose that the price of a Blu-ray disc player increases, resulting in the demand for Blu-ray discs decreasing by 8,000 units at all prices. What are the new equilibrium quantity and equilibrium price of Blu-ray discs?