Question 1

A group of buyers and sellers of a particular good or service is called a

Accepted Answer

The answer of A group of buyers and sellers of...

Question 2

Since individual buyers and individual sellers in a competitive market have no influence on the market price,what do we call the buyers and sellers in a competitive market?

Accepted Answer

The answer of Since individual buyers and individual sellers in...

Question 3

Figure 4-30
​ 
-Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Accepted Answer

Demand shi...

Question 4

Figure 4-30
​ 
-Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Accepted Answer

Equilibrium price de...

Question 5

Figure 4-30
​ 
-Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Accepted Answer

Equilibrium price is ambiguous and quantity increases.

Question 6

If income rises in the market for a normal good,will the demand curve for the normal good shift to the right or to the left?

Accepted Answer

The demand...

Question 7

Figure 4-31
Consider the market for 2-packs of light bulbs below.
​ 
-Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Accepted Answer

There is a...

Question 8

If corn is an input into the production of ethanol,will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?

Accepted Answer

The supply of ethanol will increase.

Question 9

Scenario 4-1
Suppose the demand schedule in a market can be represented by the equation  ,where  is the quantity demanded and  is the price.Also,suppose the supply schedule can be represented by the equation  ,where  is the quantity supplied.
-Refer to Scenario 4-1.Suppose the price is currently equal to 18 in this market.Is there a shortage or surplus in this market,and how large is the shortage/surplus?

Accepted Answer

There is a...

Question 10

Figure 4-31
Consider the market for 2-packs of light bulbs below.
​ 
-Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

Accepted Answer

Equilibrium price de...

Question 11

According to the law of demand,when price increases the quantity demanded of a good

Accepted Answer

The answer of According to the law of demand,when price...

Question 12

Figure 4-28
​ 
-Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Accepted Answer

The answer of Figure 4-28
​ 
-Refer to Figure 4-28.Using the...

Question 13

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

Accepted Answer

The equilibrium pric...

Question 14

Figure 4-31
Consider the market for 2-packs of light bulbs below.
​ 
-Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Accepted Answer

There is a surplus of 200.

Question 15

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

Accepted Answer

The equilibrium quan...

Question 16

Suppose consumers expect the price of a good to be higher in the future than it is today.Would the current demand for the good increase or decrease?

Accepted Answer

The curren...

Question 17

Scenario 4-1
Suppose the demand schedule in a market can be represented by the equation  ,where  is the quantity demanded and  is the price.Also,suppose the supply schedule can be represented by the equation  ,where  is the quantity supplied.
-Refer to Scenario 4-1.Suppose the price is currently equal to 10 in this market.Is there a shortage or surplus in this market,and how large is the shortage/surplus?

Accepted Answer

There is a...

Question 18

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

Accepted Answer

The equilibrium pric...

Question 19

Scenario 4-1
Suppose the demand schedule in a market can be represented by the equation  ,where  is the quantity demanded and  is the price.Also,suppose the supply schedule can be represented by the equation  ,where  is the quantity supplied.
-Refer to Scenario 4-1.What is the equilibrium price in this market?

Accepted Answer

The answer of Scenario 4-1
Suppose the demand schedule in a...

Question 20

Suppose the number of buyers in a market decreases.As a result,would the demand curve in this market shift to the right or to the left?

Accepted Answer

The demand...

Exam 4: The Market Forces of Supply and Demand: Part A

A group of buyers and sellers of a particular good or service is called a

Correct Answer
verified

Since individual buyers and individual sellers in a competitive market have no influence on the market price,what do we call the buyers and sellers in a competitive market?

Correct Answer
verified

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Correct Answer
verified
Demand shi...
View Answer

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct Answer
verified
Equilibrium price de...
View Answer

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct Answer
verified
Equilibrium price is ambiguous and quantity increases.

If income rises in the market for a normal good,will the demand curve for the normal good shift to the right or to the left?

Correct Answer
verified
The demand...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Correct Answer
verified
There is a...
View Answer

If corn is an input into the production of ethanol,will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?

Correct Answer
verified
The supply of ethanol will increase.

Correct Answer
verified
There is a...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

Correct Answer
verified
Equilibrium price de...
View Answer

According to the law of demand,when price increases the quantity demanded of a good

Correct Answer
verified

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Correct Answer
verified

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

Correct Answer
verified
The equilibrium pric...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Correct Answer
verified
There is a surplus of 200.

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

Correct Answer
verified
The equilibrium quan...
View Answer

Suppose consumers expect the price of a good to be higher in the future than it is today.Would the current demand for the good increase or decrease?

Correct Answer
verified
The curren...
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Correct Answer
verified
There is a...
View Answer

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

Correct Answer
verified
The equilibrium pric...
View Answer

Correct Answer
verified

Suppose the number of buyers in a market decreases.As a result,would the demand curve in this market shift to the right or to the left?

Correct Answer
verified
The demand...
View Answer

Exam 4: The Market Forces of Supply and Demand: Part A

A group of buyers and sellers of a particular good or service is called a

Correct AnswerverifiedShow Answer

Since individual buyers and individual sellers in a competitive market have no influence on the market price,what do we call the buyers and sellers in a competitive market?

Correct AnswerverifiedShow Answer

Figure 4-30 ​ -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Correct AnswerverifiedDemand shi...View AnswerShow Answer

Figure 4-30 ​ -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct AnswerverifiedEquilibrium price de...View AnswerShow Answer

Figure 4-30 ​ -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct AnswerverifiedEquilibrium price is ambiguous and quantity increases.

If income rises in the market for a normal good,will the demand curve for the normal good shift to the right or to the left?

Correct AnswerverifiedThe demand...View AnswerShow Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Correct AnswerverifiedThere is a...View AnswerShow Answer

If corn is an input into the production of ethanol,will a decrease in the price of corn increase the supply of ethanol or decrease the supply of ethanol?

Correct AnswerverifiedThe supply of ethanol will increase.

Correct AnswerverifiedThere is a...View AnswerShow Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

Correct AnswerverifiedEquilibrium price de...View AnswerShow Answer

According to the law of demand,when price increases the quantity demanded of a good

Correct AnswerverifiedShow Answer

Figure 4-28 ​ -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Correct AnswerverifiedShow Answer

If the supply of pencils,a substitute for pens,increases,what will happen to the equilibrium price of pencils and to the equilibrium price of pens?

Correct AnswerverifiedThe equilibrium pric...View AnswerShow Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Correct AnswerverifiedThere is a surplus of 200.

If the price of steel,an input into the production of automobiles,rises,and at the same time the price of gasoline rises,what will happen to the equilibrium price and quantity of automobiles?

Correct AnswerverifiedThe equilibrium quan...View AnswerShow Answer

Suppose consumers expect the price of a good to be higher in the future than it is today.Would the current demand for the good increase or decrease?

Correct AnswerverifiedThe curren...View AnswerShow Answer

Correct AnswerverifiedThere is a...View AnswerShow Answer

If the supply of tennis balls,a complement to tennis racquets,decreases,what will happen to the equilibrium price of tennis balls and to the equilibrium price of tennis racquets?

Correct AnswerverifiedThe equilibrium pric...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Suppose the number of buyers in a market decreases.As a result,would the demand curve in this market shift to the right or to the left?

Correct AnswerverifiedThe demand...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Correct Answer
verified
Demand shi...
View Answer

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct Answer
verified
Equilibrium price de...
View Answer

Figure 4-30 -Refer to Figure 4-30.In this market for tablet computers,more suppliers enter the market and the price of laptops,a substitute good,increases,while all other factors remain constant.Explain the change(s)in the equilibrium price and quantity.

Correct Answer
verified
Equilibrium price is ambiguous and quantity increases.

Correct Answer
verified
The demand...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $3,is there a shortage or surplus,and how large is the shortage/surplus?

Correct Answer
verified
There is a...
View Answer

Correct Answer
verified
The supply of ethanol will increase.

Correct Answer
verified
There is a...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.Suppose there is an improvement in technology in this market and the price of lamps,a complementary good,increases.What changes do you predict in the equilibrium price and quantity?

Correct Answer
verified
Equilibrium price de...
View Answer

Correct Answer
verified

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if consumer incomes increase and this is an inferior good.

Correct Answer
verified

Correct Answer
verified
The equilibrium pric...
View Answer

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.At a price of $6,is there a shortage or surplus,and how large is the shortage/surplus?

Correct Answer
verified
There is a surplus of 200.

Correct Answer
verified
The equilibrium quan...
View Answer

Correct Answer
verified
The curren...
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Correct Answer
verified
There is a...
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Correct Answer
verified
The equilibrium pric...
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Correct Answer
verified

Correct Answer
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The demand...
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