A) a surplus of 150 units.
B) a shortage of 120 units.
C) a surplus of 270 units.
D) a shortage of 150 units.
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A) a fall in the price of beer
B) a fall in average incomes of beer consumers
C) a decline in population
D) a successful advertising campaign linking beer consumption to lower cholesterol
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A) 0
B) 5
C) 10
D) 20
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A) an increase in demand.
B) a decrease in demand.
C) an increase in quantity demanded.
D) a decrease in quantity demanded.
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A) demand for bottled juice rises.
B) demand for bottled juice falls.
C) quantity of bottled juice demanded falls.
D) quantity of bottled juice demanded rises.
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A) fewer producers want to sell the product because it is too scarce.
B) consumers will drive up the price further.
C) firms will drive up the price to enhance profits.
D) the price will decline to the equilibrium level.
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A) an increase in the number of firms supplying the product in the market
B) a change in technology which allows a larger level of production at every price
C) an increase in the costs of resources used to produce the product
D) a decrease in labor costs
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A) the price is between $0 and $6.
B) the price equals $6.
C) the price equals $10.
D) quantity demanded equals 3.
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A) surplus
B) shortage
C) equilibrium quantity
D) excess quantity supplied
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A) a change in demand and can be caused by a change in consumers' income.
B) a change in the quantity demanded and is caused by a change in the price of the good.
C) a change in the quantity demanded and can be caused by a change in consumers' income.
D) a change in demand and is caused by a change in the price of the good.
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A) Yes, since she is buying less hamburger at a lower price.
B) Yes, since she is buying less hamburger in a relatively short period of time and we wouldn't expect her tastes to have changed.
C) No, since the law of demand refers to relative price changes and the price of hamburger falling is an absolute price change.
D) No, since other things are not held constant, such as her income.
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A) increase.
B) decrease.
C) remain constant.
D) shift to the right.
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A) income.
B) price.
C) supply.
D) quantity supplied.
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A) horizontally summing individual demand curves at each and every price level.
B) vertically summing individual demand curves at each and every income level.
C) adding up the largest quantity demanded by each individual.
D) looking at the changes in the products' popularity.
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A) consumers have equal incomes to allocate among goods.
B) a consumer will allocate all of her income to one good.
C) all other influences on demand except the product price are held constant.
D) reported income changes at each point on the demand schedule.
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A) complements.
B) normal goods.
C) substitutes.
D) inferior goods.
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A change in quantity supplied is a movem...View Answer
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A) the total quantities demanded of all consumers of a particular item at given prices.
B) a movement along the demand curve in response to the market.
C) total equilibrium demand for the market.
D) the demand for and supply of a good or service.
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A) the market-clearing price.
B) the number of consumers.
C) the total substitution effect from a price change.
D) the market demand curve.
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A) the market clearing price is above equilibrium and market forces will cause the price to fall.
B) the quantity demanded is less than the quantity supplied at the existing price.
C) the current price is below the market clearing price and the price will rise.
D) the quantity supplied is greater than the quantity demanded at the current price.
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