Exam 3: Demand and Supply

Use the following to answer question(s): The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is 50 cents, the total market demand is ________ bags per month.

Which of the following is false?

Use the following to answer question(s): The Supply of Music Downloads -(Exhibit: The Supply of Music Downloads) A decrease in the price of music licenses sold by music companies to online sites would result in a change illustrated by:

An example of a supply shifter is:

In a competitive market, if there should be a surplus of a product at a given price:

The law of demand implies that:

If steak and potatoes are complements, when the price of steak goes up, the demand curve for potatoes:

An increase in demand, all other things unchanged, will result in a(n) ________ in the equilibrium price and a(n) ________ in the equilibrium quantity.

If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to:

A substantial increase in the price of oranges (a normal good) is likely to result from:

Use the following to answer question(s): The Determinants of Demand and Supply -(Exhibit: The Determinants of Demand and Supply) The exhibit shows how supply and demand might shift in response to specific events.Suppose a new machine is developed that allows restaurants and fast-food outlets to produce French fries at a lower cost.Which panel best describes how this will affect the market for French fries?

Given that chicken and beef are substitute goods, if the price of chicken decreases substantially, there would be:

A negative relationship between the quantity demanded and price is called the law of ______.

If the price of mozzarella cheese (an ingredient in pizzas) declines due to a major technological breakthrough in the dairy industry, there would be:

If both the demand for a product and the supply of it increase, then the equilibrium quantity will ________ and the equilibrium price will ________.

Use the following to answer question(s): Demand and Supply -(Exhibit: Demand and Supply) Given the demand curve, what is the price some buyers are willing and able to pay for 3 units?

Use the following to answer question(s): The Market for Chocolate-Covered Peanuts -(Exhibit: The Market for Chocolate-Covered Peanuts) A surplus of 210 bags of chocolate-covered peanuts exists if the price is ________ cents per bag.

For most consumers, blu-ray players and blu-ray discs are likely to be:

If a demand curve shifts to the left, then:

The demand for a product is the quantity of it that people buy.