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Exam 4: The Market Forces of Supply and Demand (PART 1)

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Question 111

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Table 4-2 $\begin{array} { | l | c | c | } \hline & \text { An Increase in Supply } & \text { A Decrease in Supply } \\\hline \text { An Increase in Demand } & \text { A } & \text { B } \\\hline \text { A Decrease in Demand } & \text { C } & \text { D } \\\hline\end{array}$ -Refer to the Table 4-2.What is the space that would represent an increase in equilibrium price and an indeterminate change in equilibrium quantity?

A) space A
B) space B
C) space C
D) space D

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Question 112

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Market demand is given as Qd = 220 - 4P.Market supply is given as Qs = 2P + 40.What would result if the market price were $10?

A) a shortage of 120
B) a surplus of 120
C) a surplus of 80
D) a shortage of 80

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Question 113

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There are thousands of wheat farmers who produce and sell wheat and there are millions of consumers who use wheat and wheat products.What would the market for wheat be considered?

Figure 4-6 -Refer to the Figure 4-6.What is the shift from D to D₁ called?

What can be said about economists in general?

What are the forces that make market economies work?

What is the amount of the good buyers are willing and able to purchase?

In what type of market do we refer to buyers and sellers as "price takers"?

What would an early frost in the vineyards of the Okanagan Valley cause?

What happens in a competitive market?

Who ultimately determines the demand for a product or service?

Suppose that the incomes of buyers in a particular market for a normal good decrease and there is also an increase in input prices.What would we expect to occur in this market?

If two goods are complements,what happens if there is a decrease in the price of one good?

Which of the following is NOT a characteristic of a perfectly competitive market?

Which of the following would be most likely to decrease the price of a new house?

What is an example of substitute goods?

Which of the following would be an example of a monopoly?

What will happen to the equilibrium price and quantity of gasoline if more vehicles are used and,at the same time,the extraction of oil becomes more costly?

Figure 4-4 -Refer to the Figure 4-4.In this market,what would the equilibrium price and quantity be?

Figure 4-5 -Refer to the Figure 4-5.Which of the following is shown in Graph A?