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Exam 4: The Market Forces of Supply and Demand

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Question 301

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Which of these statements best represents the law of supply?

A) When input prices increase, sellers produce less of the good.
B) When production technology improves, sellers produce less of the good.
C) When the price of a good decreases, sellers produce less of the good.
D) When sellers' supplies of a good increase, the price of the good increases.

E) C) and D)
F) A) and C)

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Question 302

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An increase in the price of a substitute good will shift the demand curve for a good to the right.

A) True
B) False

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Question 303

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You have been asked by your economics professor to graph the market for lumber and then to analyze the change that would occur in equilibrium price as a result of recent forest fires in the west. Your first step would be to

Each of the following is a determinant of demand except

A shortage is the same as an excess demand.

A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.

Table 4-9 -Refer to Table 4-9. Which combination would produce a decrease in equilibrium price and an indeterminate change in equilibrium quantity?

Figure 4-16 -Refer to Figure 4-16. The shift from S to S' is called an)

Which of the following is an example of a less-than-highly-organized market?

The following table contains a monthly demand schedule for large, single-topping, carry-out pizzas. If the law of demand applies to these pizzas, then A could be

Which of the following is not a determinant of demand?

Figure 4-26 -Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

Figure 4-25 The graph below pertains to the supply of paper to colleges and universities. -Refer to Figure 4-25. All else equal, an increase in the use of laptop computers for note-taking would cause a move from

Figure 4-4 Yasmine Mercedes -Refer to Figure 4-4. Suppose Yasmine and Mercedes are the only two consumers in the market. When the market price falls from $12 to $6, the quantity demanded increases by

Table 4-2 -Refer to Table 4-2. Suppose Abby, Brandi, Carrie, and DeeDee are the only four buyers in the market. If the price is $8, then the market quantity demanded is

An increase in the price of cotton will increase the equilibrium price and decrease the equilibrium quantity in the market for cotton t-shirts.

Figure 4-5 -Refer to Figure 4-5. Which of the following would cause the demand curve to shift from Demand B to Demand A in the market for oranges in the United States?

The demand for a good or service is determined by

An increase in the price of ink will shift the supply curve for pens to the left.

An increase in the price of a good will