Exam 4: The Market Forces of Supply and Demand

Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes to increase if number two grade potatoes are an inferior good?

If a increase in income decreases the demand for a good, then the good is a(n)

Individual demand curves are summed vertically to obtain the market demand curve.

When drawing a demand curve,

Suppose the United States had a short-term shortage of farmers. Which mechanisms would adjust to remove the shortage?

Which of the following would shift the supply of Packers football jerseys to the right?

Table 4-2 -Refer to Table 4-2. Suppose Abby, Brandi, Carrie, and DeeDee are the only four buyers in the market. If the price is $8, then the market quantity demanded is

In a competitive market, the quantity of a product produced and the price of the product are determined by

Figure 4-13 -Refer to Figure 4-13. If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $2 is

An example of a perfectly competitive market would be the

Figure 4-5 -Refer to Figure 4-5. Which of the following would cause the demand curve to shift from Demand A to Demand B in the market for oranges in the United States?

In competitive markets,

Figure 4-25 The graph below pertains to the supply of paper to colleges and universities. -Refer to Figure 4-25. All else equal, the return of college students to campus in the fall would cause a move from

"Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well." This relationship between price and quantity supplied

If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the right.

Figure 4-12 Firm A Firm B -Refer to Figure 4-12. If these are the only two sellers in the market, then the market quantity supplied at a price of $8 is

What will happen in the market for shotgun-shell ammunition now if buyers expect higher shotgun-shell prices in the near future?

The market demand curve

The law of supply states that, other things equal, when the price of a good falls, the quantity supplied falls as well.

Suppose the number of buyers in a market decreases and a technological advancement occurs also. What would we expect to happen in the market?