Exam 3: Demand and Supply

When the price of a good is

The quantity of CDs that firms plan to sell this month depends on all of the following except the

The equilibrium quantity of a good will increase and its equilibrium price might rise, fall, or stay the same when

An increase in the number of producers of gruel ________ the supply of gruel and shifts the supply curve of gruel ________.

When the price is below the equilibrium price, the quantity demanded

-The initial supply and demand curves for a good are illustrated in the above figure. If there are technological advances in the production of the good, then the new equilibrium price for the good

In 2014, the price of peanuts was rising, which led peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. Consequently, in the current market for peanut butter there was ________ which resulted in a ________ in the price of peanut butter and ________ in the quantity of peanut butter.

What will happen to the equilibrium price and quantity of coffee if it is discovered to help prevent colds and, at the same time, Brazil and Vietnam emerge in the global market as massive producers of coffee?

The price of a good will fall if

-The above table shows the demand schedule and supply schedule for chocolate chip cookies. If the price is $4.00 per pound, there is a

-The above figures show the market for gasoline. Which figure shows the effect of a nation-wide strike by municipal bus drivers, which causes more people to drive their cars to work?

-In the above figure, if D2 is the demand curve, then a price of P3 would result in

Crude oil can be refined into home heating oil or gasoline. If very cold weather caused the price of home heating oil to increase then, the

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 bag of corn chips?

If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________.

-The above figure shows the market for oil. Because of the development of a new deep sea drilling technology the

Consider gardening books. What will happen to the market for these books as gardening becomes more popular and simultaneously printing costs increase?

Which of the following is the best way to describe equilibrium in a market? At equilibrium, the

The equilibrium price will fall and the equilibrium quantity might increase, decrease, or stay the same when the

The existence of a shortage