Chapter 3 (worksheet)
The law of supply
An increase in price will lead to an increase in quantity supplied. This statement is...
10
According to the figure, the market quantity demanded at $20 is...
Quantity supplied will rise
According to the law of supply, as price increases,...
The products buyers are willing and able to purchase at various prices in a given period of time
"Demand" refers to...
Amount of a product sellers are willing and able to sell at various prices
"Supply" refers to the...
The price rises
According to the law of supply, individuals will supply more of a good when...
The demand curve has shifted to the left
A decrease in demand means that...
Drop in the price of iPods
A decrease in the quantity supplied of iPod is caused by a(n)...
Indirect relationship between price and quantity demanded
A demand curve represents an...
Decrease in population
A factor that can share a demand curve to the left for an inferior good is a(n)...
No answer
A farmer who grows apples and pears expect the price of apples to increase how does the amount of apples he grows change? To supply _____, the quantity supplied _____, and the price _____. (No answer)
Supply curve
A graphical representation of how much a seller would be willing and able to bring to the market at various prices is known as the...
People exchange money for goods and services
A market exists when...
Tend towards equilibrium
A market will always....
An increase in income
A shift to the right of the demand curve could be caused by....
The supply curve to shift to the right
A technological advance causes...
Market
A(n) _____ is an institution that brings buyers and sellers together so they can interact and transact with each other
More popcorn and rightward
An increase in the supply of popcorn indicates that the producers of popcorn are willing to sell _____ at all prices, and the supply curve for the popcorn shifts _____.
Inferior
An item who's demand rises as peoples incomes fall is known as a(n) _____ good.
Ben is now willing to pay less than before for carrots
Ben likes carrots less today than he did yesterday. So...
increases, increases, decreases
Better technology lowers the cost of producing computers so that supply _____, quantity supplied _____, and price _____.
Both the price of butter and the quantity of butter traded rise
Butter is a substitute for margarine. If the price of margarine increases, we would expect to see...
Complementary goods
College classes in college textbooks are...
Increases, decreases, decreases
Consumers expect the price of milk to decrease shortly. What happens in the short run? The demand _____, the quantity demanded _____, and the price _____.
Production technology, cost of resources, expectations
Determinants of supply include...
The equilibrium price of gasoline will increase and the equilibrium quantity will decrease
Gasoline is produced from crude oil. All things equal, if the supply of crude oil falls...
A decrease in the population
Hey shift to the right of the demand curve would be caused by anything except...
Increases, increases, decreases
If more auto manufacturers start producing hybrid cars, the supply _____, the quantity demanded _____, and the price _____.
6,4,2,1
If the local pizzeria has only two buyers, Jake and Sue, for its calzones, what is the market demand for calzones at each of the prices listed? Qj is the quantity demanded at each price below by Jake, and Qs is the quantity demanded at each price below by Sue.
The quantity supplied of HDTVs declines
If the price of HDTVs falls...
Quantity supplied
If the price of shoes is $60/ pair, the _____ will be 30 pairs of shoes.
Quantity demanded
If the price of shoes is $60/pair, the _____ Will be 10 pairs of shoes.
20
If the price of the shoes is $40/pair, The quantity supplied will be playing pairs of shoes.
15
If the price of the shoes is $40/pair, the quantity demanded will be _____ pairs of shoes.
Positive
In a market economy, there is a(n) _____ relationship between price and quantity of supplied.
The product's price and the quantity demanded for the product
In citing the certeris paribus condition for the law of demand, the only two variables that change are...
Market price of the good
In moving along a supply curve, which of the following is not held constant?
A surplus of 20 units takes place
In the table, at a price of $12...
A shortage of 40 units occurs
In the table, at a price of $5...
10 and 60
In the table, the equilibrium price is $_____, and the equilibrium output is $_____.
Increase
Is the surgeon general announced that wearing baseball caps will eleminate dandruff, then, ceteris paribus, the price of baseball caps would _____.
Decreases, decreases, increases
Labor costs increase at General Foods serial plants, the supply _____, the quantity demanded _____, and the price _____.
As the price of a good rises, less of it is demanded
The basic proposition of the law of demand is that...
The quantities of a good or a service that people will buy at various prices
The concept of command is...
B
The equation for the demand curve for bags of Doritos is P=6+(-1)•Q. Which of the following is the correct demand curve?
The law of demand
The graph represents...
The law of supply
The graph represents...
Producers are willing to offer more for sale if the price increases
The law of supply says...
Prices provide information for both buyers and sellers
The market economy is often called the Price system because....
A change in supply
The shift of the supply curve from A to B is example of...
Supply of oranges
The state of Florida was experiencing a period of drought. The farmers were anticipating in increase in the cost for growing oranges. This would have caused a decrease in the....
5 units
The table shows the demand of three individuals in a market. Assuming these are the only buyers, what is the total market demand if the price is $20?
Increases, increases, increases
There are more baby bloomers in the population then there are people already retired. Once the baby boomers start to retire, what happens to the market for retirement homes? The demand _____, the quantity demanded _____, and the price _____.
Prices
What allows sellers to determine what goods to sell, helps buyers find possible substitute goods, and contains information useful for all people involved in a transaction?
Prices
What gives buyers and easy means of comparing against that my substitute for each other?
Prices
What signals entrepreneurs to enter or leave a market?
Prices
What signals potential employees to enter or leave the labor market as a supplier for a particular job?
The horizontal summation of individual demand curves
When economists refer to a "market demand" curve, we know that it represents...
A shift of the demand curve
When one of the determinants of the demand changes, that will result in...
Decreased equilibrium price and decreased equilibrium quantity
Which is the most likely effects of an increase in the price of computer software upon the market for laptop computers?
C
Which of the following graphs concerning hamburgers indicates an increase in the quantity demanded of hamburgers?