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A decrease in the price of a complement will shift the demand curve for a good to the left.

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Table 4-6 A country club usually only allows members to purchase tickets for its celebrity golf tournament,but the club is considering allowing non-members to purchase tickets this year.The demand and supply schedules are as follows: Table 4-6 A country club usually only allows members to purchase tickets for its celebrity golf tournament,but the club is considering allowing non-members to purchase tickets this year.The demand and supply schedules are as follows: -Refer to Table 4-6.If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament,then what will be the equilibrium price? A) $10 B) $15 C) $20 D) $25 -Refer to Table 4-6.If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament,then what will be the equilibrium price?


A) $10
B) $15
C) $20
D) $25

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For a competitive market,which of the following statements is correct?


A) A seller can always increase her profit by raising the price of her product.
B) If a seller charges more than the going price,buyers will go elsewhere to make their purchases.
C) A seller often charges less than the going price to increase sales and profit.
D) A single buyer can influence the price of the product,but only when purchasing from several sellers in a short period of time.

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An advance in production technology will


A) increase a firm's costs and increase its supply.
B) increase a firm's costs and decrease its supply.
C) decrease a firm's costs and increase its supply.
D) decrease a firm's costs and decrease its supply.

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In a competitive market,the price of a product


A) is determined by buyers and the quantity of the product produced is determined by sellers.
B) is determined by sellers and the quantity of the product produced is determined by buyers.
C) and the quantity of the product produced are both determined by sellers.
D) None of the above is correct.

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The supply curve for coffee


A) shifts when the price of coffee changes because the price of coffee is measured on the vertical axis of the graph.
B) shifts when the price of coffee changes because the quantity supplied of coffee is measured on the horizontal axis of the graph.
C) does not shift when the price of coffee changes because the price of coffee is measured on the vertical axis of the graph.
D) does not shift when the price of coffee changes because the quantity supplied of coffee is measured on the horizontal axis of the graph.

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A shortage is the same as an excess demand.

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In a perfectly competitive market,at the market price,


A) buyers cannot buy all they want and sellers cannot sell all they want.
B) buyers cannot buy all they want,but sellers can sell all they want.
C) buyers can buy all they want,but sellers cannot sell all they want.
D) buyers can buy all they want and sellers can sell all they want.

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Ford Motor Company announces that next month it will offer $3,000 rebates on new Mustangs.As a result of this information,today's demand curve for Mustangs


A) shifts to the right.
B) shifts to the left.
C) shifts either to the right or to the left,but we cannot determine the direction of the shift from the given information.
D) will not shift;rather,the demand curve for Mustangs will shift to the right next month.

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If the number of sellers in a market increases,then the


A) demand in that market will increase.
B) supply in that market will increase.
C) supply in that market will decrease.
D) demand in that market will decrease.

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


A) a bakery in a large city
B) a bank in a large city
C) a local cable television company
D) a small group of corn farmers

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The demand for a good or service is determined by


A) those who buy the good or service.
B) the government.
C) those who sell the good or service.
D) both those who buy and those who sell the good or service.

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A market's equilibrium is the point at which the supply and demand curves intersect.

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Figure 4-14 Panel (a) Panel (b) Figure 4-14 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-14.Which of the four panels represents the market for winter coats as we progress from winter to spring? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) Figure 4-14 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-14.Which of the four panels represents the market for winter coats as we progress from winter to spring? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) Panel (c) Panel (d) Figure 4-14 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-14.Which of the four panels represents the market for winter coats as we progress from winter to spring? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) Figure 4-14 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-14.Which of the four panels represents the market for winter coats as we progress from winter to spring? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) -Refer to Figure 4-14.Which of the four panels represents the market for winter coats as we progress from winter to spring?


A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

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An increase in the number of college scholarships issued by private foundations would


A) increase the supply of education.
B) decrease the supply of education.
C) increase the demand for education.
D) decrease the demand for education.

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If a shortage exists in a market,then we know that the actual price is


A) above the equilibrium price and quantity supplied is greater than quantity demanded.
B) above the equilibrium price and quantity demanded is greater than quantity supplied.
C) below the equilibrium price and quantity demanded is greater than quantity supplied.
D) below the equilibrium price and quantity supplied is greater than quantity demanded.

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Suppose you like to make,from scratch,pies filled with banana cream and vanilla pudding.You notice that the price of bananas has increased.How would this price increase affect your demand for vanilla pudding?


A) It would decrease.
B) It would increase.
C) It would be unaffected.
D) There is insufficient information given to answer the question.

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Table 4-7 The demand schedule below pertains to sandwiches demanded per week. Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following: ā€¢ x = 2 ā€¢ the current price of a sandwich is $5.00 ā€¢ the market quantity supplied of sandwiches is 10 ā€¢ the law of supply applies to the supply of sandwiches Then A) there is a shortage of 5 sandwiches and the price would be expected to rise from its current level of $5.00. B) there is a shortage of 5 sandwiches and the price would be expected to fall from its current level of $5.00. C) there is a surplus of 5 sandwiches and the price would be expected to rise from its current level of $5.00. D) there is a surplus of 5 sandwiches and the price would be expected to fall from its current level of $5.00. -Refer to Table 4-7.Suppose Charlie,Maxine,and Quinn are the only demanders of sandwiches.Also suppose the following: ā€¢ x = 2 ā€¢ the current price of a sandwich is $5.00 ā€¢ the market quantity supplied of sandwiches is 10 ā€¢ the law of supply applies to the supply of sandwiches Then


A) there is a shortage of 5 sandwiches and the price would be expected to rise from its current level of $5.00.
B) there is a shortage of 5 sandwiches and the price would be expected to fall from its current level of $5.00.
C) there is a surplus of 5 sandwiches and the price would be expected to rise from its current level of $5.00.
D) there is a surplus of 5 sandwiches and the price would be expected to fall from its current level of $5.00.

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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.

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An increase in the price of a substitute good will shift the demand curve for a good to the right.

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