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Exam 3: Demand and Supply

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Question 171

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An economist says: "The demand curve has two interpretations." What does the economist mean?

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The first interpretation is that the dem...

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Question 172

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If the demand for digital cameras increases when consumers' income rise,then digital cameras are

A) a normal good.
B) an inferior good.
C) a substitute good for video cameras.
D) a complement to video cameras.

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Question 173

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The price of a tomato increases and people buy more lettuce.You infer that lettuce and tomatoes are ________.

-In the above figure,a change in quantity supplied with unchanged supply is represented by a movement from

We observe that the equilibrium price of digital cameras has fallen and the equilibrium quantity of digital cameras has increased.Which of the following events could be responsible for this?

Consumers can use either natural gas or heating oil to warm their houses.Suppose the price of natural gas increases.Use a demand and supply diagram to show the impact of the higher price of natural gas on the market for home heating oil.

A severe drought has damaged this year's lettuce crop.The initial effect on the lettuce market is a

An economist says: "The supply curve has two interpretations." What does the economist mean?

The opportunity cost of a good is the same as its

Computers are a complement to computer software.Suppose the price of a computer falls.How does this fall in price affect the demand for computer software and the demand curve for computer software?

Which of the following lists has variables that all shift a good's demand curve?

The law of demand concludes that a rise in the price of a golf ball ________ the quantity demanded and ________.

Which of the following influences people's buying plans and does not shift the demand curve?

Which of the following increases the quantity supplied of good X but does NOT increase the supply of good X?

-The above figures show the market for oranges.Which figure shows the effect of changing consumer preferences for more orange juice and less coffee in the morning?

$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (dollars per } \\\text { disc) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { demanded }\end{array} & \begin{array} { c } \text { Price } \\\text { (dollars per } \\\text { disc) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { supplied }\end{array} \\\hline 4 & 36,000 & 4 & 4,000 \\\hline 8 & 32,000 & 8 & 8,000 \\\hline 12 & 28,000 & 12 & 12,000 \\\hline 16 & 24,000 & 16 & 16,000 \\\hline 20 & 20,000 & 20 & 20,000 \\\hline 24 & 16,000 & 24 & 24,000 \\\hline 28 & 12,000 & 28 & 28,000 \\\hline 32 & 8,000 & 32 & 32,000 \\\hline 36 & 4,000 & 36 & 36,000 \\\hline\end{array}$ -The above table gives the demand and supply schedules for Blu-ray discs.Based on the table,the equilibrium quantity and price of a Blu-ray discs is

-The above figures show the market for hamburger meat.Which figure shows the effect of a newly invented machine which grinds beef at twice the speed previously possible?

The law of demand implies that,other things remaining the same,

If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ,respectively,the equilibrium price is P* = (ad + bc) / (b + d).

If the good in the above figure is a normal good and income rises,then the new equilibrium quantity