Exam 4: The Market Forces of Supply and Demand

Which of the following is not a determinant of the demand for a particular good?

If income rises in the market for an inferior good, will the demand curve for the inferior good shift to the right or to the left?

The sum of all the individual demand curves for a product is called

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31. At a price of $6, is there a shortage or surplus, and how large is the shortage/surplus?

Matthew bakes apple pies that he sells at the local farmer's market. If the price of apples increases, the

Which of the following events must result in a lower price in the market for Snickers?

Table 4-13 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose x = 2. Then

Which of the following would most likely serve as an example of a monopoly?

Table 4-15 The following table shows the number of cases of water each seller is willing to sell at the prices listed. -Refer to Table 4-15. If only Brook Mountain and Cascade Waters operate in this market, what is the market quantity supplied when the price is $3.00 per case?

Table 4-8 -Refer to Table 4-8. Suppose Firm X and Firm Y are the only two sellers in the market. If the market price decreases from $12 to $9, quantity supplied will

Table 4-6 -Refer to Table 4-6. If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

Kara receives a promotion at work, which increases her income. We would expect Kara's demand for

Once the demand curve for a product or service is drawn, it

When the price of a good is lower than the equilibrium price,

An increase in supply will cause a decrease in price, which will cause an increase in demand.

Figure 4-24 The diagram below pertains to the demand for turkey in the United States. -Refer to Figure 4-24. All else equal, a sale on chicken would cause a move from

Suppose scientists provide evidence that people who drink energy drinks are more likely to have a heart attack than people who do not drink energy drinks. We would expect to see

If, at the current price, there is a surplus of a good, then

a. What is the difference between a "change in demand" and a "change in quantity demanded?" Graph your answer. b. For each of the following changes, determine whether there will be a change in quantity demanded or a change in demand. i. a change in the price of a related good ii. a change in tastes iii. a change in the number of buyers iv. a change in price v. a change in consumer expectations vi. a change in income

Figure 4-16 -Refer to Figure 4-16. The shift from S' to S in the market for chocolate cake could be caused by an)