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Exam 4: The Market Forces of Supply and Demand

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Question 261

Multiple Choice

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Figure 4-4 Yasmine Mercedes -Refer to Figure 4-4. Which of the following statements is correct?

A) If the price is $6, the market quantity demanded is 15 units.
B) If the price is $9, the market quantity demanded is 24 units.
C) If the price is $12, the market quantity demanded is 9 units.
D) If the price is $15, the market quantity demanded is 39 units.

E) B) and C)
F) A) and D)

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Question 262

Multiple Choice

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The following table contains a monthly demand schedule for large, single-topping, carry-out pizzas. If the law of demand applies to these pizzas, then A could be

A) 35.
B) 40.
C) 30.
D) All of the above could be correct.

E) B) and C)
F) None of the above

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Question 263

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The law of supply states that, other things equal, when the price of a good falls, the quantity supplied falls as well.

If a good is inferior, then an increase in income will result in a(n)

Table 4-12 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: -Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price?

Which of the following changes would not shift the demand curve for a good or service?

Table 4-11 -Refer to Table 4-11. If the price were $4, a

Matthew bakes apple pies that he sells at the local farmer's market. If the price of apples increases, the

Table 4-12 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: -Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $30, then there will be

Suppose the demand for calendars increases in November. At the same time, the price of the ink used in the production of calendars increases. In the market for calendars, the equilibrium price rises, but the effect on the equilibrium quantity is ambiguous.

Table 4-13 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-13. Regarding Harry and Darby, whose demand for sandwiches conforms to the law of demand?

If car manufacturers begin using new labor-saving technology on their assembly lines, we would not expect

Table 4-14 The table below shows the quantities demanded of milk per month by four families at various prices. -Refer to Table 4-14. If the four families listed are the only demanders in this market and the price of a gallon of milk increases from $4.00 to $5.00, what is the change in the market quantity demanded?

Advances in production technology typically reduce firms' costs.

Table 4-13 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-13. Suppose x = 1. Then the slope of the market demand curve is

Figure 4-22 -Refer to Figure 4-22. At a price of $12, there is a

Figure 4-21 -Refer to Figure 4-21. What is the equilibrium price in this market?

Figure 4-12 Firm A Firm B -Refer to Figure 4-12. If these are the only two sellers in the market, then the market quantity supplied at a price of $8 is

Suppose the supply and demand of corn both increase. As a result, what will happen to the equilibrium price and equilibrium quantity in the market?

Figure 4-3 Consumer 1 Consumer 2 -Refer to Figure 4-3. If these are the only two consumers in the market, then the market quantity demanded at a price of $6 is