Exam 4: Demand and Supply

Consider the market for peanut butter.If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter)along with a decrease in the price of peanut brittle (a substitute in production for peanut butter),the

Consumers can use either natural gas or heating oil to warm their houses.Suppose the price of natural gas increases.Use a demand and supply diagram to show the impact of the higher price of natural gas on the market for home heating oil.

-The figure above shows the market for iPods.Which of the following shifts the demand curve from D? to D??

Which of the following describes the law of demand? When other things remain the same,as

-The above figure shows the market for pizza.The market is in equilibrium when people learn that eating pizza helps prevent heart disease.What point represents the most likely new price and quantity?

What is the law of demand?

-Which figure above shows the effect of an increase in the cost of the tomato sauce used to produce pizza?

-In an effort to protect endangered species from the effects of logging in America's national forests,the federal government passes a law prohibiting logging in most of the state of Washington.Which of the figures above best illustrates the effect of this new law?

Which of the following is true?

The quantity supplied of a good is

Market demand curves are obtained by

A demand schedule

Suppose that tattoos gained immense popularity with retired people as well as college students.This gain in popularity best reflects which of the following influences on buying plans?

-In the figure above,a price of $35 per dozen roses results in

Two brands of water,Natural Water and Mountain Water,are close substitutes.If the price of Mountain Water decreases,the fall in price

The price of cotton clothing falls.As a result,

If both supply and demand decrease by the same amount,the equilibrium price

In early 2012 the price of computer hard disc drives rose.In a demand and supply model,shifts in what curve or curves could have brought about the higher price?

The supply schedule

It is expected that the price of a bushel of wheat will increase in one month.This belief will result in