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Exam 3: Supply and Demand

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Question 21

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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 a fall frost destroys one-third of the nation's orange crop. Which panel BEST describes how this will affect the market for oranges?

A) panel A
B) panel B
C) panel C
D) panel D

E) B) and D)
F) C) and D)

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Question 22

Multiple Choice

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Which of the following is likely to cause a rightward shift in the demand for home-delivered pizza?

A) a lower price of pizza
B) a lower price of fast-food hamburgers
C) a higher price of pepperoni
D) a larger population

E) A) and B)
F) A) and C)

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Question 23

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Use the following to answer questions : -(Table: The Demand for Chocolate-Covered Peanuts) Look at the table The Demand for Chocolate-Covered Peanuts. Barbara demands 20 bags of chocolate-covered peanuts when the price of each bag is:

Suppose the supply curve for soap bubbles has a slope of +1 and intersects the vertical axis at a price of $2 per bottle. Interpret the meaning of both the y-intercept and the slope.

Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____.

Markets that are characterized by many buyers and many sellers are:

Use the following to answer questions : Figure: Shifts in Demand and Supply II -(Figure: Shifts in Demand and Supply II) Look at the figure Shifts in Demand and Supply II. The figure shows how supply and demand might shift in response to specific events. Suppose the birthrate decreases. Which panel BEST describes how this will affect the market for diapers?

Use the following to answer questions: Figure: The Supply of DVD Rentals -(Figure: The Supply of DVD Rentals) Look at the figure The Supply of DVD Rentals. A decrease in the price of DVD rentals would result in a change illustrated by the move from:

Use the following to answer questions : Figure: The DVD Rental Market -(Figure: The DVD Rental Market) Look at the figure The DVD Rental Market. At a rental price of $6, there will be:

The supply curve for apartments in Oregon reflects how many apartments landlords are willing and able to offer for rent at a specific price.

Which of the following describes two goods that are most likely substitutes in consumption?

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 currently in equilibrium at point C. Suppose a hurricane hits Florida, where oranges are grown. What will be the most likely new equilibrium point in the orange juice market?

Use the following to answer questions : -(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. A surplus of the good will occur at a price of

Use the following to answer questions : Figure: Four Markets for DVDs -(Figure: Four Markets for DVDs) Look at the figure Four Markets for DVDs. Which of the graphs shows what may happen if D₁ or S₁ is the original curve and D₂ or S₂ is the new curve and if some of the stores that rent DVDs close?

Use the following to answer questions : Figure: The DVD Rental Market -(Figure: The DVD Rental Market) Look at the figure The DVD Rental Market. At a rental price of $3, there will be:

The market price of airline flights increased recently. Some economists suggest that the price increased because jet fuel is much more expensive than before. As a result, they believe that in the market for flights:

Use the following to answer questions: Figure: Supply, Demand, and Equilibrium -(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium. In the figure, there will be excess demand for the good at a price of P₃.

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

Use the following to answer questions : -(Table: The Demand for Chocolate-Covered Peanuts) Look at the table The Demand for Chocolate-Covered Peanuts. If George, Barbara, and Dan are the only three buyers in the market and the price of a bag of chocolate-covered peanuts is $0.80, the total market quantity demanded is _____ bags per month.

Milk is an important ingredient in the production of ice cream. If the price of milk increases, then one would expect, holding all other things constant: