A) quantity supplied equals quantity demanded.
B) buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price.
C) the supply curve and demand curve intersect.
D) All of these statements are true.
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A) The demand for lumber would increase,increasing both the equilibrium price and quantity.
B) The supply of lumber would increase,decreasing the equilibrium price and increasing the equilibrium quantity.
C) The demand for lumber would increase,decreasing the equilibrium price and increasing the equilibrium quantity.
D) The supply of lumber would decrease,increasing the equilibrium price and decreasing the equilibrium quantity.
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A) a movement along the demand curve.
B) an inward shift of the demand curve.
C) an outward shift of the demand curve.
D) a rotation of the demand curve around the price-point change.
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A) Price of a substitute good
B) Price of a complementary good
C) Income
D) Preferences
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A) Betty's and Barney's demand both follow the law of demand.
B) Barney's demand follows the law of demand,but Betty's does not.
C) Betty's demand follows the law of demand,but Barney's does not.
D) Neither Betty's nor Barney's demand follows the law of demand.
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A) a decrease in the price of a substitute.
B) a decrease in the price of a complement.
C) an increase in the price of a complement.
D) an increase in the good's price.
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A) The demand has increased,increasing the equilibrium price and quantity of hybrid cars.
B) The supply has increased,decreasing the equilibrium price and increasing the equilibrium quantity of hybrid cars.
C) The demand has increased,decreasing the equilibrium price and increasing the equilibrium quantity of hybrid cars.
D) The demand and supply of hybrid cars have both increased in response to changing gas prices,so the equilibrium quantity has definitely decreased,but the effect on price cannot be determined without more information.
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A) the price of Snickers bars decreases.
B) a news story claiming 95% of all geniuses eat at least one Snickers bar a day is released.
C) the price of Milky Way bars decreases.
D) the price of Milky Way bars increases.
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A) automakers to produce more gas-efficient cars.
B) automakers to drop the price of gas-guzzling vehicles.
C) automakers to spend more money marketing bigger vehicles.
D) would not affect an automaker's supply decisions.
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A) quantity goes on the horizontal axis and price goes on the vertical axis.
B) quantity goes on the vertical axis and price goes on the horizontal axis.
C) Both quantity and price go on the horizontal axis.
D) It doesn't matter which axis price and quantity are placed on.
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A) The equilibrium price and quantity will both rise.
B) The equilibrium quantity will definitely rise,while the equilibrium price cannot be predicted.
C) The equilibrium price will definitely rise,while the equilibrium quantity cannot be predicted.
D) The equilibrium price and quantity will both fall.
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A) his demand for all normal goods will increase.
B) his demand for all inferior goods will increase.
C) his demand for all inferior goods will decrease.
D) his demand for all normal goods will stay the same,but will decrease for inferior goods.
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A) corn.
B) a handbag.
C) an autographed baseball.
D) None of these could be considered a standardized good.
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A) a buyer or seller who cannot affect the market price.
B) a buyer or seller who takes the market price and chooses to increase or decrease it.
C) a buyer or seller who takes prices in the area and averages them together to set the price for his/her good.
D) None of these statements is true.
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A) equilibrium.
B) optimization.
C) maximization.
D) market collapse.
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A) The demand curve will shift to the right,and the equilibrium price and quantity will rise.
B) The demand curve will shift to the right,and the equilibrium price will increase and the equilibrium quantity will decrease.
C) The demand curve will shift to the right,and the equilibrium price and quantity will fall.
D) The demand curve will shift to the left,and the equilibrium price and quantity will fall.
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A) a shift in the demand curve to the right.
B) a shift in the demand curve to the left.
C) a movement along the demand curve to the right.
D) a movement along the demand curve to the left.
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A) $0.50
B) $1.50
C) $2.00
D) Cannot be determined without more information.
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A) is a downward-sloping line that reflects the inverse relationship between price and quantity.
B) is an upward-sloping line that reflects the inverse relationship between price and quantity.
C) is a downward-sloping line that reflects the direct relationship between price and quantity.
D) is an upward-sloping line that reflects the direct relationship between price and quantity.
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A) a rightward shift in his demand curve.
B) a leftward shift in his demand curve.
C) a movement down along his demand curve.
D) a movement up along his demand curve.
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