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85. This table shows individual demand schedules for a market.
Price of Good
Barney’s Demand
Betty’s Demand
$0.00
20
23
$0.50
18
18
$1.00
16
11
$1.50
14
8
$2.00
12
6
$2.50
10
5
According to the table shown, what can be said of Betty and Barney’s demand for this good?
86. This table shows individual demand schedules for a market.
Price of Good
Barney’s Demand
Betty’s Demand
$0.00
20
23
$0.50
18
18
$1.00
16
11
$1.50
14
8
$2.00
12
6
$2.50
10
5
According to the table shown, what will the equilibrium price be in this market?
87. Supply describes how much of something producers:
88. The amount of a particular good that sellers in a market will sell at a given price during a specified
period is called:
89. For almost all goods, the:
90. The law of supply describes the:
91. The law of supply can be stated as all else equal:
92. A nonprice determinant of supply refers to something that:
93. A table which shows the quantities of a particular good or service that producers are willing to sell
(supply) at various prices is known as a supply:
94. The supply schedule assumes that factors other than:
95. A supply curve is a:
96. The supply curve does not:
97. On the supply curve:
98. The supply curve is a __________ line that reflects the _______ relationship between price and
quantity supplied.
99. The supply curve represents the relationship between:
100. Some nonprice determinants of supply are:
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101. The prices of related goods matters when determining supply because it affects:
102. Which factor of supply would the introduction of e-mail into places of businesses be?
103. Irregular weather patterns caused very poor yields for orange farmers. Which factor of supply would
this change in the market for orange juice?
104.
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Assume the market in the graph shown was originally at an equilibrium with demand D and supply S.
Suppose Demand shifts and becomes D2. What might have caused such a shift?
105.
Assume the graph shown represents the market for button-up shirts and was originally in equilibrium with
D and S. What type of shock might cause a shift from D to D2?
106. A change in a nonprice factor of supply will cause:
107. The recent rise in the price of gasoline has caused:
108. One reason the supply of cell phones has increased is:
109. A factory recently added new robots to its production line, increasing productivity. This will likely
cause a:
110. The advancement of computers has increased the productivity of a paper mill. How will this likely
affect the supply of paper? It will likely cause:
111. A recent epidemic of mad cow disease caused the government to mandate that thousands of cows
be completely destroyed. This will likely cause:
112. The price of chocolate chips has increased. For the producers of chocolate chip cookies, this
means:
113. A drought causes most fruit crops to fail, decreasing the amount of available fruit. The fruitcake
market would see:
114. A paper mill discovers that burning old tires is a cheaper way to get power rather than using coal,
and they adopt the new technology. Which of the following will likely happen in the market for paper?
115. Last year due to the increased rainfall there was a plentiful supply of blueberries which caused their
price to drop. Bakeries regularly produce and sell blueberry pie. Considering the market for blueberry
pies, what factor of supply has been affected, and what was the overall effect on the supply?
116. The term equilibrium refers to the point where:
117. When quantity supplied equals quantity demanded:
118. The point at which buyers and sellers “agree” on the quantity of a good they are willing to exchange
at a given price is called:
119. Equilibrium takes place where:
120. The equilibrium price is sometimes called the:
121. The market clearing price refers to the:
122. The term “shortage” refers to a:
123. A shortage will occur if:
124. The term “surplus” refers to a:
125. A surplus will occur in a market if:
126. If producers incorrectly set the price of their product too high:
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127. If producers incorrectly set the price of their product too low:
128. If producers incorrectly set the price of their product too high a:
129. If producers incorrectly set the price of their product too low a:
130. Consider a market that is in equilibrium. If it experiences an increase in demand, what will happen?
The demand curve will shift to the:
131. Consider a market that is in equilibrium. If it experiences a decrease in demand, what will happen?
132. Consider a market that is in equilibrium. If it experiences a decrease in supply, what will happen?
The supply curve will shift to the:
133. Consider a market that is in equilibrium. If it experiences an increase in supply, what will happen?
The supply curve will shift to the:
134. Consider a market that is in equilibrium. If it experiences both an increase in demand and an
increase in supply, what can be said of the new equilibrium? The equilibrium:
135. Consider a market that is in equilibrium. If it experiences both a decrease in demand and a decrease
in supply, what can be said of the new equilibrium? The equilibrium:
136. Consider a market that is in equilibrium. If it experiences both an increase in demand and a
decrease in supply, what can be said of the new equilibrium? The equilibrium:
137. Consider a market that is in equilibrium. If it experiences both a decrease in demand and an
increase in supply, what can be said of the new equilibrium? The equilibrium:
138. Suppose there is a tornado that levels a city. As rebuilding begins, how might you analyze this effect
in the market for lumber?
139. Suppose there is an unusually large crop of apples this year. How might this affect the market for
apples?
140. How have the recent increases in the price of gasoline affected the market for hybrid cars?