Econ Chapter 3 Week 4

Which of the following would not cause the market supply of cell phones to change?

Which of the following is a determinant of supply?

Ceteris paribus, according to the law of supply, if the price of product Z increases from $6 to $8, then the

A movement along the supply curve is the same as:

Ceteris paribus, which of the following will cause the supply of paper to decrease?

Which of the following will cause a leftward shift of the supply curve for houses

Which of the following will cause a leftward shift of the supply curve for electricity?

A market is said to be in equilibrium when

In a market, the equilibrium price is determined by:

If a market shortage exists,

When there is a surplus in a market, prices are likely to fall because:

If a market surplus exists,

If demand is constant, a leftward shift in the supply curve will result in:

If supply is unchanged, a decrease in the demand for soft drinks will cause equilibrium price to:

If supply is constant, a decrease in the demand for potato chips will cause:

If supply is unchanged, a rightward shift in the demand curve for gourmet ice cream will result in:

In the market for web design services, when more companies desire web pages, the equilibrium

If a state decides to reduce the cost of college tuition, by providing more Pell grants to students, ceteris paribus, then the:

A price ceiling is:

A market shortage is:

When a price ceiling is set for a market, the quantity demanded will be:

Rent controls are an example of:

A price floor is:

In a market economy, the ___ determines who gets the goods and services produced

Refer to Figure 3.1. Consider the market for DVD players. People prefer watching movies on DVDs at home instead of going to the movie theater.

The equilibrium price and quantity in Figure 3.2 are, respectively,

In Figure 3.2 the highest price at which buyers are willing and able to purchase 5 units is:

If the actual market price is held to $10 per unit in Figure 3.3, there will be a:

If the government wants to use a price ceiling to change the market outcome in Figure 3.3, it should choose a price of:

Which panel of Figure 3.4 represents the changes in the market for chicken when farmers use hormones to increase the production of chicken, but consumers are concerned about eating the chicken?

Which panel of Figure 3.4 represents the changes in the market for beef when the price of corn (cattle feed) rises and the Surgeon General reports that red meat contributes to coronary disease?

Which panel of Figure 3.4 represents the changes in the market for parking spaces when the student population increases on a college campus and one parking lot has been destroyed to build a new building?

In Table 3.1, if the price is $4, the market,

In Table 3.2, if the worldwide price of trucks is $30,000, the truck market:

One HEADLINE article in the text, “Hurricane Sandy to Raise Prices on Used Cars” describes the impact of thousands of cars being destroyed by the storm. What will happen to the equilibrium quantity of used cars if the supply decreases?

If a product becomes more popular:
a. Which curve will shift?
b. Along which curve will price and quantity move?
c. At a new equilibrium, will price be higher or lower?
d. At a new equilibrium, will quantity be higher or lower?