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Exam 3: Demand and Supply

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Question 71

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Which one of the following would not shift the supply curve of good X to the right?

A) a fall in the price of the factors of production used in producing X
B) an improvement in technology used in the production of X
C) a rise in the price of X
D) an increase in the price of Y,a complement in production of X
E) a fall in the price of Y,a substitute in production of X

F) A) and E)
G) A) and D)

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Question 72

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The demand and supply model determines

A) relative prices.
B) money prices.
C) supply prices.
D) demand prices.
E) absolute prices.

F) D) and E)
G) C) and E)

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Question 73

Multiple Choice

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If both demand and supply increase,then the equilibrium price

All shredded wheat producers have decided to add a new ingredient,the "crunch enhancer" to shredded wheat.Crunch enhancer keeps cereals crisper longer in milk and,as a result,consumers decide they like shredded wheat more than before.What happens to the supply and demand curves for shredded wheat now that it costs more to produce and consumers like it better?

An increase in supply is shown by

A rise in the price of a good

A decrease in the quantity supplied is shown by a

The price of good A rises,and the demand curve for good B shifts leftward.We can conclude that

Use the table below to answer the following questions. Table 3.4.1 $\begin{array} { c c c } \begin{array} { c } \text { Price } \\\text { (dollars per } \\\text { unit) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Demanded } \\\text { (units) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { Supplied } \\\text { (units) }\end{array} \\1 & 1,100 & 50 \\2 & 800 & 200 \\3 & 600 & 420 \\4 & 500 & 500 \\5 & 420 & 580 \\6 & 350 & 640 \\7 & 320 & 680 \\8 & 300 & 700\end{array}$ -In Table 3.4.1,the equilibrium price is

Use the table below to answer the following questions. Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU $\begin{array} { c c c } \hline\begin{array} { c } \text { Price } \\\text { (dollars per t-shirt) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (t-shirtsper month) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (t-shirtsper month) }\end{array} \\\hline 3 & 150 & 300 \\4 & 160 & 280 \\5 & 170 & 260 \\6 & 180 & 240 \\7 & 190 & 220 \\8 & 200 & 200 \\9 & 210 & 180 \\10 & 220 & 160 \\11 & 230 & 140 \\12 & 240 & 120\\\hline\end{array}$ -Refer to Table 3.5.3.A new store opens up on the edge of campus,Great Wild North Sportswear,which has the capacity to do as much business as all the existing businesses.The quantity of t-shirts supplied doubles at each price.In addition,in a television interview,Joe Cool shows off his designer sport t-shirt,setting off a new craze that doubles business at the local sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

The law of demand states that,other things remaining the same,

Which one of the following statements best characterizes point B in Figure 3.2.1?

If a factor of production can be used to produce either good A or good B,then A and B are

Which of the following events leads to a rise in the price of oranges?

Which one of the following would result in a movement from point A to point B in Figure 3.2.1?

Since 1980,there has been a dramatic increase in the number of working mothers.Based on this information alone,we can predict that the market for child care services has experienced

If we observe an increase in the equilibrium quantity of good A,we know that

The supply curve of a good slopes upward to the right because of

Farm land can be used to produce either cattle or corn.If the demand for cattle increases,then the

Which one of the following will shift the supply curve of good X leftward?