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Exam 3: Supply and Demand

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Question 91

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Which of the following would shift a supply curve to the right?

A) Taxes
B) Import restrictions
C) Duties
D) Subsidies

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Question 92

Multiple Choice

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A simultaneous increase in demand and decrease in supply would lead to:

A) increase in the equilibrium price and a decrease in the quantity sold.
B) increase in both the equilibrium price and the quantity sold.
C) decrease in both the equilibrium price and the quantity sold.
D) uncertain effect on the equilibrium price but an increase in the equilibrium quantity.
E) uncertain effect on the equilibrium quantity but an increase in the equilibrium price.

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Question 93

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If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then:

American consumers decide to boycott soccer balls made by Nike in support of a ban on child labor.Everything else being equal, the:

Other things constant, a decrease in the price of fertilizer will:

If both the supply and demand curves shift to the left, then we can conclude that there will be a(n) :

Ceteris paribus, if negotiations lead to lower wages for airline employees, what will be the result in the market for air travel?

Figure 3-H -Refer to Figure 3-H.A decrease in the quantity demanded, but not a decrease in demand, occurs when the equilibrium moves from:

Figure 3-K -Refer to Figure 3-K.The equilibrium price is:

Whenever there is a surplus at a particular price, the quantity sold at that price will equal:

Table 3-D Use the following information about demand and supply schedules to answer the question. $\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}$ -Refer to Table 3-D.Suppose that D₂ and S₁ are the prevailing demand and supply curves for a product.If the supply schedule changes from S₁ to S₂, then:

Table 3-D Use the following information about demand and supply schedules to answer the question. $\begin{array} { l c c c } \text { Price } & \mathbf { D } _ { 1 } & \mathbf { D } _ { \mathbf { 2 } } & \boldsymbol { I } _ { \mathbf { 1 } } \\\$ 12 & 5 & 9 & 19 \\\$ 10 & 8 & 12 & 17 \\\$ 8 & 11 & 15 & 15 \\\$ 6 & 13 & 18 & 13 \\\$ 4 & 16 & 21 & 11 \\\$ 2 & 18 & 24 & 9\end{array}$ -Refer to Table 3-D.If D₁ and S₂ represent the demand and supply schedules in a particular market, the equilibrium price and quantity are ____ and ____, respectively.

Table 3-C $\begin{array} { | c | c | c | } \hline \text { PRICE music downloads } & \begin{array} { c } \text { QUANTITY DEMANDED } \\\text { music downloads }\end{array} & \begin{array} { c } \text { QUANTITY SUPPLIED } \\\text { music downloads }\end{array} \\\hline \text { \$2.00 } & 1,000,000 \text { urits } & 5,500,000 \text { urits } \\\hline 1.80 & 2,000,000 \text { units } & 5,00,000 \text { units } \\\hline 1.60 & 3,000,000 \text { units } & 4,50,000 \text { units } \\\hline 1.40 & 4,000,000 \text { units } & 4,000,000 \text { units } \\\hline 1.20 & 5,000,000 \text { units } & 3,500,000 \text { units } \\\hline 1.00 & 6,000,000 \text { units } & 3,000,000 \text { units } \\\hline 0.80 & 7,000,000 \text { units } & 2,500,000 \text { units } \\\hline 0.65 & 8,000,000 \text { units } & 2,000,000 \text { units } \\\hline 0.40 & 9,000,000 \text { units } & 1,500,000 \text { units } \\\hline 0.20 & 10,000,000 \text { units } & 1,000,000 \text { units } \\\hline\end{array}$ -Refer to Table 3-C.What is the equilibrium price in the example?

Which of the following is the correct way to describe equilibrium in a market?

Figure 3-K -Refer to Figure 3-K.At a market price of $2, which of following conditions exist?

When a demand schedule is drawn in a graph:

Suppose there is a reduction in consumer income and an increase in the price of jet fuel, an important resource used to produce air travel.If air travel is a normal good, how will these changes influence the price and quantity of air travel? The price of air travel will (be) ____ and quantity purchased will (be) ____.

A demand curve shows the relationship between price and quantity demanded, "other things remaining constant." The other things that remain constant include all of the following except the:

If both the supply and demand for computer games increase, then the equilibrium price of the games:

Figure 3-G The diagram below represents the market for butter. -Refer to Figure 3-G If the current price of butter equals $5, you would expect to find: