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Exam 3: Supply and Demand

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Question 91

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An increase in income will always shift the demand curve to the right.

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Question 92

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_____ manifests when the price of a good increases and the quantity demanded decreases

A) Efficiency
B) The law of demand
C) The supply schedule
D) The production possibilities frontier

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Question 93

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An inferior good is one for which a(n) _____ in buyers' income causes a(n) _____.

An increase in the price of contact lenses will increase the supply of contact lenses.

A new wonder diet that results in a dramatic weight loss sweeps through the United States. The key to the diet is to eat unlimited amounts of red meat (beef) but no poultry or carbohydrate-rich foods. As millions of Americans switch to the new diet, we can expect a(n) _____ in the _____ beef, leading to a shift to the _____ in the _____ curve for beef and _____ beef prices.

Use the following to answer questions -(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market for Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.60, the price will:

Use the following to answer questions : -(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. The equilibrium price and quantity in this market are, respectively:

Which of the following is most likely to shift the supply of milk to the right?

Use the following to answer questions Figure: Supply and Demand in the Orange Juice Market -(Figure: Supply and Demand in the Orange Juice Market) Look at the figure Supply and Demand in the Orange Juice Market. The market is in equilibrium at point C. Suppose most people drink orange juice only with champagne. What will be the new equilibrium point in the orange juice market if a law banning alcohol passes?

The market for corn is in equilibrium. Which of the following is most likely to INCREASE the equilibrium price of corn?

Alice goes to the local supermarket to purchase one package of her favorite taco shells. She often pays $1.50 for a package, but she finds they are on sale for $1 each. According to the law of demand, one can expect Alice to:

All of the following would result in an increase in the supply of a good EXCEPT:

Customers used to pay inside before pumping gas. When gas stations introduced paying at the pump, thus decreasing production costs, there was a shift to the _____ in the _____ curve and _____ pressure on gas prices _____.

A negative relationship between quantity demanded and price is called the law of:

Use the following to answer questions Figure: The DVD Rental Market -(Figure: The DVD Rental Market) Look at the figure The DVD Rental Market. If the rental price of DVDs rises from $5 to $7:

Use the following to answer questions Figure: Shifts in Demand and Supply -(Figure: Shifts in Demand and Supply) Look at the figure Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose consumer incomes increase. Which panel BEST describes how this will affect the market for used furniture, an inferior good?

You notice that the price of Blu-ray players falls and the quantity of Blu-ray players sold increases. You suspect that _____ Blu-ray players shifts to the _____.

Use the following to answer questions Figure: The Demand and Supply of Wheat -(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. What is the equilibrium price in this wheat market?

An increase in demand with no change in supply will lead to _____ in equilibrium quantity and _____ in equilibrium price.

The demand curve for videos has shifted to the right. What could have caused it?