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Exam 3: Supply and Demand

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Question 141

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Figure: The DVD Rental Market (Figure: The DVD Rental Market) Look at the figure The DVD Rental Market.The figure shows the weekend rental market for DVDs in Collegetown.The equilibrium price for DVD rentals is ________ and the equilibrium quantity is _. A.$5; 50 B.$3; 30 C.$9; 90 D.$6; 40

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Question 142

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Recent research suggests that certain plastic containers may have cancer-causing elements in them.As a result of this research, one would expect that: A.the demand for such containers would decrease. B.the quantity demanded for such containers might increase. C.no impact would be observed in this market. D.the price of the containers would change due to a movement along the demand curve.

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Question 143

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Consider the market for iPods.What happens if a fantastic new alternative MP₃ player is developed and at the same time a boat carrying a large shipment of iPods is attacked by pirates and sunk? A.Price decreases and quantity increases. B.Price increases and quantity increases. C.The change in price is indeterminate and quantity decreases. D.Price increases and the change in quantity is indeterminate.

Figure: Four Markets for DVDs (Figure: Four Markets for DVDs) Look at the figure Four Markets for DVDs.If D1 or S1 is the original curve and D2 or S2 is the new curve,, which of the graphs illustrates what may happen in the market for DVDs if the cost of producing DVDs falls?

In the market for local coffee, the price will ________ and the quantity will if new coffee shops open and consumers' incomes decrease due to a recession. A.increase; be indeterminate B.decrease; be indeterminate C.be indeterminate; increase D.be indeterminate; decrease

Figure: Shifts in Demand and Supply II (Figure: Shifts in Demand and Supply II) Look at the figure Shifts in Demand and Supply II.The graph shows how supply and demand might shift in response to specific events.Suppose a fall frost destroys one-third of the nation's grapefruit crop.Which panel best describes how this will affect the market for vitamin B12 tablets, which are a substitute for grapefruit? A.panel A B.panel B C.panel C D.panel D