Exam 3: Supply and Demand

There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. One customer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. An unlimited number of concert tickets are on sale for $15 each. What is the total consumer surplus in this market?

Figure: Supply Curve Refer to the figure. A vertical reading of the figure indicates that:

If the government decided to heavily regulate small farmers who grow organic and free-range food, the supply of that food:

The quantity of DVDs that people plan to buy this month will increase when:

Suppose a new study predicts that the price of hybrid cars is expected to decrease in the near future. As a result, we would expect:

Imagine that millions of refugees move out of country A and into country X. This would cause the demand for housing in country A to _____ and the demand for housing in country X to _____.

New research indicates that running marathons is actually bad for the heart (it increases inflammatory markers associated with heart attacks). This news will:

A tax of $4 shifts the supply curve down and to the right by $4.

Use the following to answer questions: Figure: Quantity of Good X -(Figure: Quantity of Good X) Refer to the figure. At a price of $200, consumer surplus is:

Figure A: Supply Right Shift Figure B: Supply Left Shift Refer to the two figures. Which statement is TRUE?

The average age in the United States is _____, causing the demand for prescription drugs to _____.

The supply curve illustrates:

The current demand for parking in a city's downtown district is such that all the parking garages are full. If there is an increase in the city's population, there will be:

Figure: Demand Shift Which of the following factors would cause the change in the figure?

If, for any given amount of a good or service, willingness to pay increases, then:

The quantity supplied of oil is the amount that:

As the price of lead falls (a key input in the production of automobile batteries), the costs of producing batteries decreases, shifting the supply curve of batteries:

A decrease in demand refers to:

Producer surplus is:

There are more substitutes for oil as a heating and energy generator than for oil as a jet fuel.