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Exam 3: Demand, Supply, and Market Equilibrium

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Question 111

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Economists would classify the New York Mets as a firm.

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Question 112

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Demand for one item goes down when the price of another item goes down. These items must be

A) substitutes.
B) complements.
C) normal goods.
D) inferior goods.

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Question 113

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Refer to the information provided in Figure 3.1 below to answer the question(s) that follow. Figure 3.1 -Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from D₀ to D₁?

For inferior goods, demand will fall when

Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1 -Refer to Table 3.1. This market will be in equilibrium if the price per pizza is

A technological advance in the production of digital video recorders will cause them to become less expensive.

Refer to the information provided in Figure 3.17 below to answer the question(s) that follow. Figure 3.17 -Refer to Figure 3.17. If the current quantity demanded of rollerblades is 150 per week, you accurately predict that in this market

Refer to Scenario 3.3 below to answer the question(s) that follow. SCENARIO 3.3: Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves. -Refer to Scenario 3.3. As a result of the recall, you would expect that

Refer to Scenario 3.3 below to answer the question(s) that follow. SCENARIO 3.3: Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves. -Refer to Scenario 3.3. The mustard recall would have caused

Suppose the demand for lawnmowers goes down when the price of gasoline goes up. We can say that these two goods are

Labor is demanded by firms in an output market.

Related to the Economics in Practice on p. 65: Consumption of quinoa has been on the rise. Many people put quinoa in their yogurt, which would make yogurt and quinoa ________, and therefore a decrease in the price of yogurt should ________ the demand for quinoa, ceteris paribus.

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19 -Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S₂ to S₁, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

When the increase in the price of one good causes the demand for another good to decrease, the goods are

Which of the following will definitely occur when there is a decrease in demand for and an increase in supply of potato chips?

Refer to the information provided in Table 3.2 below to answer the question(s) that follow. Table 3.2 -Refer to Table 3.2. If the price per cheeseburger is $5, the price will

Suppose that iPhones are normal goods. If the income of iPhone users decreases, you predict that in the market for iPhones

A simultaneous decrease in both the supply of and the demand for silk boxer shorts would cause a decrease in the equilibrium quantity of silk boxer shorts.

Income is a flow measure.

Refer to the information provided in Figure 3.4 below to answer the question(s) that follow. Figure 3.4 -Refer to Figure 3.4. If consumer income increases, the demand for tuna fish sandwiches shifts from D₀ to D₁. This implies that tuna fish sandwiches are a(n)