Exam 3: Demand, Supply, and Market Equilibrium

Related to the Economics in Practice on p. 65: Consumption of quinoa has been on the rise. Many people put quinoa in their yogurt, which would make yogurt and quinoa ________, and therefore a decrease in the price of yogurt should ________ the demand for quinoa, ceteris paribus.

Refer to the information provided in Figure 3.18 below to answer the questions that follow. Figure 3.18 -Refer to Figure 3.18. The market is initially in equilibrium at Point A. If demand shifts from D₁ to D₂ and the price of burritos remains constant at $3.00, there will be

Related to the Economics in Practice on p. 66: Assuming the demand for Baltimore newspapers increases while the supply of Baltimore newspapers decreases, the equilibrium ________ will definitely ________.

Related to the Economics in Practice on page 66: Assuming the demand for Baltimore newspapers ________ while the supply of Baltimore newspapers ________, the equilibrium price will definitely decrease.

A decrease in demand for cameras would likely be caused by

Inferior goods are also known as substitute goods.

As Tabitha consumes more ice cream sundaes within a given period of time, it is likely that each additional sundae consumed will

An increase in the wage rate of diamond cutters will increase the supply of cut diamonds.

Refer to the information provided in Figure 3.18 below to answer the questions that follow. Figure 3.18 -Refer to Figure 3.18. The market is initially in equilibrium at Point B. If demand shifts from D₂ to D₁, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

Refer to the information provided in Figure 3.10 below to answer the following questions. Figure 3.10 -Refer to Figure 3.10. A decrease in supply is represented by the movement from

Income is a flow measure.

Refer to the information provided in Table 3.1 below to answer the questions that follow. Table 3.1 -Refer to Table 3.1. This market will be in equilibrium if the quantity of pizzas supplied per month is

Refer to the information provided in Figure 3.19 below to answer the questions that follow. Figure 3.19 -Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S₁ to S₂, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.

Income ________ along the demand curve.

Refer to the information provided in Figure 3.7 below to answer the following questions. Figure 3.7 -Refer to Figure 3.7. A movement from Point C to Point B on demand curve D₂ would be caused by a(n)

Entrepreneurs are unnecessary in a market economy, and their profit is unearned.

Refer to the information provided in Figure 3.2 below to answer the questions that follow. Figure 3.2 -If the demand for coffee decreases as income decreases, coffee is a(n)

When quantity demanded equals quantity supplied

Refer to the information provided in Figure 3.11 below to answer the following questions. Figure 3.11 -Refer to Figure 3.11. A decrease in the wage rate of gardenburger makers will cause a movement from Point B on supply curve S₂ to

A change in the ________ leads to a change in demand that causes a ________.