Exam 4: The Market Forces of Supply and Demand

In competitive markets, which of the following is not correct?

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

A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied.

The term price takers refers to buyers and sellers in

Figure 4-19 -Refer to Figure 4-19. If there is currently a shortage of 20 units of the good, then the law of

An example of a perfectly competitive market would be the

The line that relates the price of a good and the quantity supplied of that good is called the supply

In a competitive market, the price of a product

Table 4-9 -Refer to Table 4-9. Which combination would produce an increase in equilibrium price and an indeterminate change in equilibrium quantity?

If buyers and sellers in a certain market are price takers, then individually

You wear either shorts or sweatpants every day. You notice that sweatpants have gone on sale, so your demand for

A supply curve slopes upward because

If a higher price means a greater quantity supplied, then the supply curve slopes upward.

Figure 4-7 -Refer to Figure 4-7. The movement from Db to Da in the market for potato chips could be caused by a(n)

Figure 4-7 -Refer to Figure 4-7. The shift from Da to Db is called

In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.

Table 4-8 -Refer to Table 4-8. If these are the only three sellers in the market, then an increase in the market price from $6 to $12 will increase quantity supplied by

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

Whenever a determinant of supply other than price changes, the supply curve shifts.

Suppose the number of buyers in a market decreases. As a result, would the demand curve in this market shift to the right or to the left?