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Exam 3: Demand, Supply, and Market Equilibrium

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Question 111

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A technological advance in the production of digital video recorders will cause them to become less expensive.

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Question 112

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Refer to the information provided in Figure 3.17 below to answer the question(s) that follow. Figure 3.17 -Refer to Figure 3.17. If the current quantity demanded of rollerblades is 150 per week, you accurately predict that in this market

A) price and quantity supplied will increase and quantity demanded will decrease.
B) price and quantity supplied will decrease and quantity demanded will increase.
C) price, quantity supplied and quantity demanded will increase.
D) price, quantity supplied and quantity demanded will decrease.

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Question 113

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For inferior goods, demand will fall when

Suppose the demand for lawnmowers goes down when the price of gasoline goes up. We can say that these two goods are

Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1 -Refer to Table 3.1. This market will be in equilibrium if the price per pizza is

A simultaneous decrease in both the supply of and the demand for silk boxer shorts would cause a decrease in the equilibrium quantity of silk boxer shorts.

Refer to the information provided in Figure 3.1 below to answer the question(s) that follow. Figure 3.1 -Refer to Figure 3.1. Which of the following would be most likely to cause the demand for Dr. Pepper to shift from D₀ to D₁?

Demand for one item goes down when the price of another item goes down. These items must be

Income is a flow measure.

When the increase in the price of one good causes the demand for another good to decrease, the goods are

Suppose that iPhones are normal goods. If the income of iPhone users decreases, you predict that in the market for iPhones

Related to the Economics in Practice on p. 65: Consumption of quinoa has been on the rise. Many people put quinoa in their yogurt, which would make yogurt and quinoa ________, and therefore a decrease in the price of yogurt should ________ the demand for quinoa, ceteris paribus.

Which of the following will definitely occur when there is a decrease in demand for and an increase in supply of potato chips?

Refer to Scenario 3.3 below to answer the question(s) that follow. SCENARIO 3.3: Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves. -Refer to Scenario 3.3. As a result of the recall, you would expect that

Refer to the information provided in Figure 3.4 below to answer the question(s) that follow. Figure 3.4 -Refer to Figure 3.4. If consumer income increases, the demand for tuna fish sandwiches shifts from D₀ to D₁. This implies that tuna fish sandwiches are a(n)

Refer to Scenario 3.3 below to answer the question(s) that follow. SCENARIO 3.3: Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves. -Refer to Scenario 3.3. The mustard recall would have caused

Economists would classify the New York Mets as a firm.

Labor is demanded by firms in an output market.

Refer to the information provided in Table 3.2 below to answer the question(s) that follow. Table 3.2 -Refer to Table 3.2. If the price per cheeseburger is $5, the price will

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19 -Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S₂ to S₁, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.