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Exam 3: Supply and Demand

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Question 81

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A rightward shift of the market demand curve for drones,ceteris paribus,causes equilibrium

A) Price to increase and equilibrium quantity to decrease.
B) Price to decrease and equilibrium quantity to decrease.
C) Price to increase and equilibrium quantity to increase.
D) Price to decrease and equilibrium quantity to increase.

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Question 82

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A change in the price of a good

A) Causes a shift in the supply curve.
B) Results in a change in quantity supplied.
C) Results in a change in supply.
D) Is a determinant of supply.

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Question 83

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People benefit by participating in the market because

Price ceilings are intended to address the problem of

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules $\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Dernarded by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Alejandro } } & { \text { Ben } } & \text { Carl } & \text { Market } \\\hline \$ 8.00 & 8 & 4 & 2 & \\\hline 6.00 & 12 & 4 & 4 & \\\hline 4.00 & 20 & 4 & 6 & \\\hline 2.00 & 22 & 4 & 6 & \\\hline\end{array}\end{array}$ $\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Supplied by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Avery } } & { \text { Brandon } } & \text { Cassandra} &\quad\quad\quad\quad \\\hline \$ 8.00 & 60 & 4 &6 & \\\hline \$6.00 & 42 & 4 & 4 & \\\hline \$4.00 & 24 & 4 & 2 & \\\hline\$ 2.00 &6 & 4 & 0 & \\\hline\end{array}\end{array}$ In Table 3.1,the equilibrium market price is

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules $\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Dernarded by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Alejandro } } & { \text { Ben } } & \text { Carl } & \text { Market } \\\hline \$ 8.00 & 8 & 4 & 2 & \\\hline 6.00 & 12 & 4 & 4 & \\\hline 4.00 & 20 & 4 & 6 & \\\hline 2.00 & 22 & 4 & 6 & \\\hline\end{array}\end{array}$ $\begin{array}{l}\quad\quad\quad\quad\quad\quad\text { Quartity Supplied by }\\\begin{array} { | r | r | r | r | c | } \hline { \text { Price } } & { \text { Avery } } & { \text { Brandon } } & \text { Cassandra} &\quad\quad\quad\quad \\\hline \$ 8.00 & 60 & 4 &6 & \\\hline \$6.00 & 42 & 4 & 4 & \\\hline \$4.00 & 24 & 4 & 2 & \\\hline\$ 2.00 &6 & 4 & 0 & \\\hline\end{array}\end{array}$ In Table 3.1,if government held the price at $3,

If corn products are found to cause cancer,then the most immediate effect will be that the

Suppose both the demand for and supply of salsa increase (although not necessarily by the same amount) .What can we conclude about changes in the price and quantity of salsa?

If the actual market price were fixed at $15 per unit in Figure 3.2, Figure 3.2 Supply and Demand

To calculate market demand,we

In the United States,market shortages of human organs are the result of price ceilings.

In the United States,price ceilings on human organs have caused an increase in demand.

Ceteris paribus,which of the following is most likely to shift both the demand and the supply curves?

The goal of the consumer in a market economy is to use his or her limited income to buy

Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left,ceteris paribus.Figure 3.1 Shifts of Supply and Demand Steel: the government introduces environmental restrictions on the dumping of wastes from producing steel.

Assume that steel is used to produce monkey wrenches.Ceteris paribus,if the price of steel rises,then

Restaurants like to give away free salty peanuts while you wait for your food in order to encourage you to

Money is critical in facilitating market exchanges and the specialization that these exchanges permit.

Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left,ceteris paribus.Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer vegetables instead of candy bars.

Which of the following is purchased in a factor market?