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Exam 4: Demand, supply, and Markets

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Question 41

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What does a supply schedule show?

A) that the opportunity cost of production increases as quantity supplied increases
B) that price and quantity supplied are inversely related
C) the relationship between supply and demand
D) the quantities supplied at various possible prices
E) the demand at various possible prices

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Question 42

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Jennifer expects the price of chewing gum to go up by 10 percent next week.Which of the following is the most likely result of such an expectation?

A) Jennifer's demand for chewing gum will decrease during this week .
B) Jennifer's demand for chewing gum will decrease during this week.
C) Jennifer's demand for chewing gum will increase during the following week .
D) Jennifer's demand for chewing gum will increase during this week.
E) Jennifer's demand for chewing gum will increase during the following week.

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Question 43

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Recently,it has been discovered that lobsters grown on lobster farms can feed on algae,which is a cheaper lobster food.As a result of this discovery,_____.

A new cattle feed has been found to increase the amount of milk each cow produces.Which of the following is likely to be the impact on the market for milk if this cattle feed is used by most dairies?

The quantity of a good that producers are willing and able to offer for sale is best explained by:

If demand decreases and supply increases in a market that is initially in equilibrium,then _____

Exhibit 4.8 -In the Exhibit given below,which of the following is true at the price ceiling,P?

Which of the following is the effect of a decrease in the price of potato chips on the market for pretzels,a substitute good,that is initially in equilibrium?

Exhibit 4.1 -Refer to Exhibit 4.1 for the demand curves of baby formula.Which of the following changes is likely to happen if the price of baby formula decreases?

The _____ for a product indicate(s) the quantity of the product consumers are both willing and able to buy at each price during a given time period,other things constant.

Table 4.6 -Refer to Table 4.6. In which of the following combination does the equilibrium quantity increase?

Suppose the market for cookies is initially in equilibrium.For a given upward-sloping supply curve,other things being equal,the equilibrium price and equilibrium quantity of cookies is most likely to decline when _____

If at a given price,the amount by which quantity demanded exceeds quantity supplied,there is _____.

The introduction of a new cost-effective production technique is likely to _____

The income effect of a decrease in the price of legal services,a normal good,is a(n) _____

The income effect of a price change refers to the impact of a change in _____

Other things constant,which of these is likely to increase the supply of vanilla ice cream?

Exhibit 4.4 -Refer to Exhibit 4.4,which shows the supply curve of a good.Which outcome will result when price increases from P to P'?

Suppose the market for a good is initially in equilibrium.Which of the following is most likely to happen if supply increases by a smaller amount than the increase in demand?

Table 4.2 $\begin{array} { | l | l | } \begin{array} { l } \text { Price per Pizza } \\( \$ ) \end{array} & \begin{array} { l } \text { Quantity Supplied per Week } \\\text { (millions) }\end{array} \\\hline 15 & 28 \\\hline 12 & 24 \\\hline 9 & 20 \\\hline 6 & 16 \\\hline 3 & 12 \\\hline\end{array}$ -Refer to the market supply schedule for pizza in Table 4.2.If a new pizza chain opens and supplies the market with 2 million pizzas at a price of $9,what is the new quantity supplied in the pizza market at $9?