Exam 2: Supply and Demand

Suppose 100 pretzels are demanded at a given price.If the price of pretzels rises by 5% and the number of pretzels demanded falls to 92,it can be concluded that:.

Compute the income elasticity of the demand for oats,if a 12% decrease in an individual's income increases his demand for oats by 6%.

An increase in the demand for a commodity accompanied by a decrease in its supply will result in a(n):

An increase in quantity supplied:

Explain the difference between a change in demand (supply)and a change in quantity demanded (supplied).

Which one of the following is held constant along a given demand curve?

For which one of the following commodities is the demand curve likely to be most elastic?

A shift in the consumer's demand for a good X cannot result from a change in the:

Which of the following is not likely to result from a price ceiling that is below the equilibrium price?

Which of the following is likely to occur if the demand for housing increases?

When the actual price in a market is above the equilibrium price we would expect:

Which one of the following is not a factor in the elasticity of demand for a good or service?

All of the following are common responses to a price ceiling,except:

An expectation that the price of housing will increase more rapidly in coming years will cause the:

The equilibrium price of houses in the San Francisco Bay Area has risen dramatically in recent years because:

Which of the following would result in a higher equilibrium quantity and an ambiguous change in equilibrium price?

If land use restrictions in major cities were relaxed,the:

Along a linear demand curve,price elasticity of demand:

Price ceilings are often associated with:

Which of the following is a valid interpretation of the demand curve?