Exam 4: The Market Forces of Supply and Demand

Figure 4-26 -Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

Most studies indicate that tobacco and marijuana tend to be

Figure 4-11 -Refer to Figure 4-11. The movement from point A to point B on the graph is caused by

Supply refers to the position of the supply curve, whereas the quantity supplied refers to the amount suppliers wish to sell.

When the price of a good is high, selling the good is profitable, and so the quantity supplied is large.

Table 4-10 The following table shows the number of cases of water each seller is willing to sell at the prices listed. -Refer to Table 4-10. If Alpine Springs and Dew Good are the only two suppliers in this market, by how much does the market quantity supplied change with each $3 increase in price?

A decrease in demand shifts the demand curve to the left.

Figure 4-11 -Refer to Figure 4-11. The movement from point A to point B on the graph is called

If the number of sellers in a market increases, then the

If a seller in a competitive market chooses to charge more than the going price, then

Baseballs and baseball bats are substitute goods.

Which of the following is an example of a highly organized market?

An increase in quantity supplied

Figure 4-20 -Refer to Figure 4-20. At a price of $20, which of the following statements is not correct?

Figure 4-2 -Refer to Figure 4-2. Suppose Phil and Miss Kay are the only consumers in the market. If the price is $6, then the market quantity demanded is

When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change.

Suppose that a decrease in the price of good X results in fewer units of good Y being demanded. This implies that X and Y are

If a good or service has only one seller, then the seller is called a monopoly.

Who gets scarce resources in a market economy?

Figure 4-10 -Refer to Figure 4-10. The movement from Point A to Point B represents an)