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Exam 4: Demand and Supply

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Question 71

Multiple Choice

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If there is a surplus of tacos,then the

A) quantity of tacos demanded equals the quantity of tacos supplied.
B) quantity of tacos demanded is greater than the quantity of tacos supplied.
C) quantity of tacos demanded is less than the quantity of tacos supplied.
D) market is at equilibrium.
E) supply curve of tacos will shift leftward to eliminate the surplus.

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Question 72

Multiple Choice

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A decrease in the price of a complement in production leads to

A) a decrease in the supply of the good in question.
B) an increase in the supply of the good in question.
C) no change in the supply of the good in question.
D) a decrease in the quantity supplied of the good in question.
E) an increase in the supply of the good in question and a decrease in the quantity supplied of the good in question.

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Question 73

Multiple Choice

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When the price of oranges increases,

Consider the market for wheat.If there is an improvement in harvesting technology,

A demand curve

The phrase "a change in demand" most directly implies a

Gasoline prices increase by 50 percent and other things remain the same.As a result,there is

-Scooters and bicycles are substitutes.Suppose that the price of a bicycle falls.Which of the figures above best illustrates how this fall in price affects the demand curve for scooters?

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

-The above figure shows the market for pizza.The market is in equilibrium when people's incomes decrease.If pizza is a normal good,then which point represents the most likely new price and quantity?

Consider the market for feather pillows.If there is an increase in the price of feather dusters,a substitute in production for feather pillows,then

An increase in the number of fast-food restaurants

The American Dairy Association starts a highly successful advertising campaign that makes most people want to drink more milk.As a result,

Which of the following increases the supply of a good?

The United Auto Workers bargained for higher wages and more benefits for autoworkers.As a result of the higher wages and increased benefits, I.the quantity of new automobiles supplied decreases. Ii.the supply of new automobiles decreases. Iii.the supply of new automobiles increases.

-The above figure shows the market for pizza.The market is in equilibrium when new pizza firms enter the market.What point represents the most likely new price and quantity?

-The table above gives the demand schedule for lattes at the Bottomless Cup.If the price of a latte is $3,then the quantity of lattes demanded is ________ an hour.

Which of the following increases the demand for a good or service?

The downward slope of a demand curve

-In the above figure,the shift in the demand curve from D to D2 can be the result of