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Exam 4: Demand and Supply

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Question 91

Multiple Choice

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If an early frost destroys most of the apple crop, the equilibrium price of an apple ________ and the equilibrium quantity ________.

A) rises; increases
B) rises; decreases
C) falls; increases
D) falls; decreases
E) does not change; decreases

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Question 92

Multiple Choice

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When the demand curve shifts rightward and the market moves to a new equilibrium, then the

A) supply increases.
B) supply decreases.
C) quantity supplied increases.
D) quantity supplied decreases.
E) price falls to restore the equilibrium.

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Question 93

Multiple Choice

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-In the figure above, a price of $15 per dozen roses results in

Candy makers accurately anticipate the increase in demand for candy for Halloween so that the supply of candy and demand for candy increase the same amount.As a result, the price of candy ________ and the quantity of candy ________.

The number of buyers of sport utility vehicles, SUV, decreases sharply.So the

If there is a surplus of a good, the quantity demanded is ________ the quantity supplied and the price will ________.

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

If consumers buy a large number of plug-in electric cars, the equilibrium price of electricity will ________ and the equilibrium quantity of electricity will ________.

If the demand for used cars decreases after the price of a new car falls, used cars and new cars are

The quantity supplied of a good or service is the

$\begin{array}{ccc}\begin{array}{c}\text { Price } \\\text { (dollars per } \\\text { cellular phone) }\end{array} & \begin{array}{c}\text { Quantity } \\\text { demanded } \\\text { (thousands) }\end{array} & \begin{array}{c}\text { Quantity } \\\text { supplied } \\\text { (thousands) }\end{array} \\\hline 100 & 50 & 100 \\80 & 55 & 80 \\50 & 60 & 60 \\20 & 100 & 40\end{array}$ -Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone is

Milk can be used to produce cheese or butter.If the price of a pound of butter rises, what happens to the supply of cheese?

Car insurance and cars are complements.If the price of car insurance increases, the

A surplus of cardboard boxes means that

The law of demand refers to how

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

If both producers and consumers believe that a product's price will rise in the future, then at the present, demand ________ and supply ________.

Kiwis and strawberries are substitutes for consumers.An increase in the price of a kiwi coupled with an increase in the number of strawberry growers ________ the equilibrium price of a pound of strawberries and ________ the equilibrium quantity of strawberries.

The market demand curve for mangos is

Computer chips are a normal good.Suppose the economy slips into a recession so that income falls.As a result, the demand for computer chips ________ so that the price of a computer chip ________.