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Exam 3: Demand and Supply

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Question 191

Multiple Choice

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The market supply curve can be derived by

A) vertically adding the individual supplies at each quantity level.
B) multiplying the price and quantity supplied at each price level.
C) horizontally adding the individual supplies at each price level.
D) looking at the capacity utilization in the largest firms in the industry.

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Question 192

Multiple Choice

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An increase in the quantity demanded is shown by

A) a leftward shift of the demand curve.
B) a rightward shift of the demand curve.
C) a movement down along a demand curve.
D) a movement up along a demand curve.

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Question 193

Multiple Choice

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The effects of a per-unit tax imposed on sales of an industry's product would likely include

When the current price of an item is greater than the item's market clearing price,

If goods X and Y are substitute goods, then an increase in the price of Y, other things being equal,

Which of the following will NOT cause a shift in the demand for rewriteable DVDs?

Which of the following situations could generate a shortage?

-Refer to the above table. There is an excess quantity supplied of 2,000 units at a price of

Suppose that the price of wheat is above its equilibrium price. You would expect to see

-Refer to the above figure. A movement from Point A to Point B is caused by

-Refer to the above figure. At a price of two cents, the quantity of bubble gum demanded will be

When producers anticipate that the price of their product will increase in the future,

The price that we observe in the market is

-According to the above figure, a shortage will occur at a price at which

The price of a new textbook increased from $60 to $75 in one year, while the price of a used textbook increased by 25 percent. What happened to the relative price of a used textbook?

The direct relationship between changes in price and changes in quantity supplied is

The demand for orthodontists' services falls as the proportion of the population that obtains braces falls. It may take several years before the new long-run equilibrium for the orthodontic labor market is attained. In the meantime, the orthodontic labor market experiences a

According to the law of demand, an increase in the price of a good causes

Which of the following would cause an increase in the market supply of mountain bikes?

-According to the above figure for a gasoline market, an increase in the price from $2 to $4 will result in