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Exam 4: Demand, Supply, and Markets.

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Question 21

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If we say that the demand for a good has increased, we mean there has been _____

A) an upward movement along the demand curve.
B) a downward movement along the demand curve.
C) a leftward shift of the demand curve.
D) a rightward shift of the demand curve.
E) an increase in the slope of the demand curve.

F) A) and B)
G) B) and E)

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Question 22

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Table 4.6 -Refer to Table 4.6. In which of the following combinations is the change in the equilibrium price of a good indeterminate?

A) Box A and Box B
B) Box A and Box C
C) Box A and Box D
D) Box B and Box C
E) Box C and Box D

F) A) and B)
G) All of the above

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Question 23

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When the quantity demanded of a good exceeds the quantity supplied of the good at the prevailing market price, _____

Exhibit 4.6 -A new cattle feed has been found to increase the amount of milk each cow produces. Which of the following is likely to be the impact on the market for milk if this cattle feed is used by most dairies?

Which of the following is most likely to cause a leftward shift of the demand curve for a normal good in the current period?

If a good is normal, an increase in consumers' income would shift the _____

Table 4.4 $\begin{array}{l}\text { Table } 4.4\\\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price per Pizza } \\( \$ ) \end{array} & \begin{array} { l } \text { Quantity Demanded per Week } \\\text { (millions) }\end{array} & \begin{array} { l } \text { Quantity Supplied per Week } \\\text { (millions) }\end{array} \\\hline 10 & 10 & 30 \\\hline 8 & 15 & 25 \\\hline 6 & 20 & 20 \\\hline 4 & 25 & 15 \\\hline 2 & 30 & 10 \\\hline\end{array}\end{array}$ -Refer to the market schedules for pizza in Table 4.4. If the price rises to $10, what will happen?

Suppose the price of compact disks (CDs) increases, other things equal. Which of these is most likely to occur in the market for DVDs, a substitute?

Table 4.4 $\begin{array}{l}\text { Table } 4.4\\\begin{array} { | l | l | l | } \hline \begin{array} { l } \text { Price per Pizza } \\( \$ ) \end{array} & \begin{array} { l } \text { Quantity Demanded per Week } \\\text { (millions) }\end{array} & \begin{array} { l } \text { Quantity Supplied per Week } \\\text { (millions) }\end{array} \\\hline 10 & 10 & 30 \\\hline 8 & 15 & 25 \\\hline 6 & 20 & 20 \\\hline 4 & 25 & 15 \\\hline 2 & 30 & 10 \\\hline\end{array}\end{array}$ -Refer to the market schedules for pizza in Table 4.4. What is quantity supplied at a price of $6?

The demand curve for an inferior good shifts _____ when money income increases.

Exhibit 4.6 -Suppose the market for kids' shoes is initially in equilibrium. For a given upward-sloping supply curve, other things being equal, an increase in the price of Velcro which is used as fasteners for kids' shoes will result in a(n) _____

Exhibit 4.6 -In the market for chewing gum, the current price is 50 cents per pack and 100,000 packs are sold. Which of the following events is most likely to result in a new equilibrium price of 60 cents and quantity of 90,000 packs?

Other things constant, which of the following is likely to bring about a movement along the supply curve for oranges?

Exhibit 4.8 -The Exhibit given below depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?

Which of the following is most likely to be an inferior good?

The income effect of an increase in the price of backpacks, a normal good, is a(n) _____

A movement along the demand curve for a good can be attributed to a change in _____

Suppose the market for beef cattle was initially in equilibrium. An increase in the price of the fodder used to feed cattle would cause _____

Exhibit 4.3 -Refer to Exhibit 4.3, which shows the supply curves of baby formula. The development of a more efficient production technology for producing baby formula is likely to cause _____

Exhibit 4.3 -Refer to Exhibit 4.3, which shows the supply curves of baby formula. Which of the following changes is likely to result from an increase in the number of firms producing baby formula?