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Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
165. Which of the above diagrams illustrate(s) the effect of a decline in the price of irrigation
equipment on the market for corn?
166. With a downsloping demand curve and an upsloping supply curve for a product, an
increase in consumer income will:
167. With a downsloping demand curve and an upsloping supply curve for a product, a
decrease in resource prices will:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
168. With a downsloping demand curve and an upsloping supply curve for a product, placing
an excise tax on this product will:
169. Given a downsloping demand curve and an upsloping supply curve for a product, an
increase in the price of a substitute good (from the buyer's perspective) will:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
170. Refer to the above information. The equilibrium quantity is:
171. Refer to the above information. The equilibrium price for X is:
172. Refer to the above information. If demand changed from P = 10 .2Q to P = 7 .3Q,
we can conclude that:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
173. Refer to the above information. If demand changed from P = 10 .2Q to P = 7 .3Q,
the new equilibrium quantity is:
174. Refer to the above information. If demand changed from P = 10 .2Q to P = 7 .3Q,
the new equilibrium price is:
175. Over time, the equilibrium price of a gigabyte of computer memory has fallen while the
equilibrium quantity purchased has increased. Based on this we can conclude that:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
176. Suppose that in the clothing market, production costs have fallen, but the equilibrium
price and quantity purchased have both increased. Based on this information we can conclude
that:
177. Refer to the above information. The equilibrium quantity is:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
178. Refer to the above information. The equilibrium price is:
179. Refer to the above information. If demand changed from P = 100 - 2Q to P = 130 - Q,
the new equilibrium quantity is:
180. Refer to the above information. If demand changed from P = 100 - 2Q to P = 130 - Q,
the new equilibrium price is:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
181. In the above market, economists would call a government-set minimum price of $50 a:
182. In the above market, economists would call a government-set maximum price of $40 a:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
183. If government set a minimum price of $50 in the above market, a:
184. If government set a maximum price of $45 in the above market:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
185. Refer to the above diagram. A government-set price floor is best illustrated by:
186. Refer to the above diagram. A government-set price ceiling is best illustrated by:
187. Refer to the above diagram. Rent controls are best illustrated by:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
188. Refer to the above diagram. A government price support program to aid farmers is best
illustrated by:
189. Price floors and ceiling prices:
190. A price floor means that:
Chapter 03 - Demand, Supply, and Market Equilibrium (+ Appendix)
191. An effective ceiling price will:
192. An effective price floor will:
193. Black markets are associated with:
