Macro Chapter 3

Which of the following increases the quantity supplied of yoga pants but does NOT increase the supply of yoga​ pants?

an increase in the price of yoga pants

An increase in the number of pineapple growers results in

an increase in the supply of pineapples and a rightward shift in the supply curve of pineapples.

A surplus of cardboard boxes means that

at the current price of a cardboard​ box, the quantity demanded is less than the quantity supplied.

Ebay

is a market because buyers and sellers are brought together to buy and sell.

Suppose that tattoos gained immense popularity with retired people as well as college students. This gain in popularity best reflects which of the following influences on buying​ plans?

preferences

The quantity supplied of a good or service is the

quantity produced at one price.

If the number of sellers​ decreases, then the supply curve​ ________ and the supply​ ________.

shifts​ leftward; decreases

What is the​ "quantity demanded"?

the amount of a good people are able and willing to buy during a specific time period and at a given price

The figure shows the market for game day tminusshirts. If the price of tminusshirts is​ $10, then

the market is in equilibrium.

Market equilibrium occurs when

the quantity demanded equals the quantity supplied.

Peanut butter and jelly are complements for many consumers. Consider the market for peanut butter. If there is an increase in the price of​ jelly,

there is a movement along the supply curve of peanut butter.

If the price is below the equilibrium​ price,

there is a shortage

The table above shows the situation in the gasoline market in​ Tulsa, Oklahoma. If the price of a gallon of gasoline is​ $2.20, then

there is a shortage of gasoline in Tulsa.

A construction boom occurs and many of the new buildings need plywood for their framing. Which of the figures above best illustrates this​ change?

Figure A

Suppose the equilibrium quantity of movie tickets is 1000. If the demand curve shifts​ ________, the equilibrium quantity of movie tickets will​ ________.

​rightward; increase