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Exam 4: Demand and Supply

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Question 71

Multiple Choice

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Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods are produced together, they are

A) substitutes in production.
B) complements in production.
C) normal goods in production.
D) not related.
E) inputs into the same production process.

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Question 72

Multiple Choice

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- In the above figure, the shift in the supply curve from S to S1 reflects

A) an increase in the quantity of pizza supplied.
B) a decrease in the supply of pizza.
C) an increase in the supply of pizza.
D) a decrease in the quantity of pizza supplied.
E) None of the above answers is correct.

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Question 73

Multiple Choice

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Which of the following definitely results in a product's equilibrium price rising?

Because of the high cost of fuel, railroads such as Union Pacific Corp and CSX Corp have increased the price they charge to haul freight. This change means that

Which of the following increases the supply of a good and shifts its supply curve rightward?

- In the above figure, the shift in the demand curve from D to D1 can be the result of

An increase in the number of fast-food restaurants

Other things remaining the same, the quantity of a good or service demanded will increase if the price of the good or service

Which of the following results in a movement upward along the supply curve for movies in theaters?

- In the above figure, the shift in the supply curve from S to S2 reflects

- In the figure above, a price of $15 per dozen roses results in

$\begin{array} { c c c } \hline \begin{array} { c } \text { Price } \\\text { (dollars } \\\text { per stapler) }\end{array} & \begin{array} { c } \text { Quantity demanded } \\\text { (thousands of staplers } \\\text { per week) }\end{array} & \begin{array} { c } \text { Quantity supplied } \\\text { (thousands of staplers } \\\text { per week) }\end{array} \\\hline 8 & 10 & 90 \\7 & 40 & 80 \\6 & 70 & 70 \\5 & 100 & 60 \\\hline\end{array}$ Using the data in the table above, if the price of a stapler is $8, then there is a of staplers and the quantity of staplers demanded the quantity of staplers supplied.

- The above figures show the market for HD televisions. If more firms start to produce HD televisions , which figure shows the effect of this change?

- Which figure above shows the effect of a technological advance in the production of pizza?

Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are

To be part of the supply for a good, a producer must be

- The above figure shows the market for pizza. The market is in equilibrium when the cheese used to produce pizza falls in price. What point represents the most likely new price and quantity?

Consumers eat salsa with taco chips. The price of salsa rises. How does the increase in the price of Salsa affect the demand for taco chips?

Consider the market for peanut butter. If there is a decrease in the price of deli turkey slices (a substitute in consumption for peanut butter) along with a decrease in the price of peanut brittle (a substitute in production for peanut butter) , the

- Which figure above shows the effect if research is published claiming that eating pizza is healthy?