Exam 3: Supply and Demand

Ceteris paribus, if the market demand for a product increases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____.

Pork from pigs can be used to produce bacon or sausage, but not both.If the price of bacon rises for some reason, then, everything else equal:

Figure 3-D -Refer to Figure 3-D.A change from Point A to Point B represents a(n):

A shortage exists in the market for corn at the prevailing price.The shortage will be eliminated by a price:

Figure 3-K -Refer to Figure 3-K.At a market price of $4, which of following conditions exist?

You notice that the price of orange juice at your local grocery store has increased.Which of the following statements is not a possible explanation for the rise in the price of orange juice?

Interpret the following statement: "Demand exceeds the available quantity of apartment housing.If the price of apartment rentals were increased, demand would decrease and an equilibrium could be achieved."

CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants, and, as a result, it is expected that the price of chocolate will rise in the near future.As a result:

All of the following factors will affect the supply of shoes except one.Which will not affect the supply of shoes?

The quantity of a good bought and sold in a market will be below the equilibrium quantity if:

Figure 3-A -Refer to Figure 3-A.Using the graph and beginning on D₁, a shift to D₀ would indicate a(n):

Table 3-D Use the following information about demand and supply schedules to answer the question. Price \ 12 5 9 19 \ 10 8 12 17 \ 8 11 15 15 \ 6 13 18 13 \ 4 16 21 11 \ 2 18 24 9 -Refer to Table 3-D.Suppose the demand schedule for Good A changes from D₁ to D₂ because the price of a related good, Good B, increases.We can say:

Cold weather in the Midwestern and eastern United States increases the popularity of vacations in sunny California.At the same time, the hotel employees' union in California negotiates a significant pay increase for its members.The likely impact on the hotel market in California is:

Technological advances in recycling make it possible to produce a greater quantity of paper from a given quantity of recycled newspapers.Predict the likely impact on the supply curve for paper.

As a result of an increase in a product's price:

A decrease in consumer incomes will:

Figure 3-H -Refer to Figure 3-H.The movement from ____ is consistent with a decrease in demand.

Table 3-B PRICE per laree pepperani pizza QUANTITY DEMANDED of large pepperoni pizzas QUANTITY sUPPLIED large pepperoni pizzas \ 10 1,000 urits 5,500 urits 9 2,000 urits 5,000 urits 8 3,000 urits 4,500 urits 7 4,000 urits 4,000 urits 6 5,000 urits 3,500 urits 5 6,000 urits 3,000 urits 4 7,000 urits 2,500 urits 3 8,000 urits 2,000 urits 2 9,000 urits 1,500 urits 1 10,000 urits 1,000 urits -Refer to Table 3-B.At a price of $10, there is a ____ of ____ pizzas.

Table 3-B PRICE per laree pepperani pizza QUANTITY DEMANDED of large pepperoni pizzas QUANTITY sUPPLIED large pepperoni pizzas \ 10 1,000 urits 5,500 urits 9 2,000 urits 5,000 urits 8 3,000 urits 4,500 urits 7 4,000 urits 4,000 urits 6 5,000 urits 3,500 urits 5 6,000 urits 3,000 urits 4 7,000 urits 2,500 urits 3 8,000 urits 2,000 urits 2 9,000 urits 1,500 urits 1 10,000 urits 1,000 urits -Refer to Table 3-B.What is the equilibrium price in the example?

Which of the following would not shift the supply curve for swordfish?