SAPLING CH. 4

A

A surplus exists... A. when quantity supplied exceeds quantity demanded. B. when quantity demanded exceeds quantity supplied. C. at the market clearing price. D. anytime the market is out of equilibrium.

Increases

A website offeres a buy-one-get-one-free special for digital music albums. Quantity Demanded (Increases/Decreases/Unchanged)

supply

iDecide, a consulting firm, joins the market for accounting. In the market for accounting services, the (supply/demand) curve changes.

Increases

A company offers a coupon for $6 off the price of laser tag. Quantity Demanded (Increases/Decreases/Unchanged)

Decreases

A sharp increase in the price of wood causes increases in prices for dressers and desks. Quantity Demanded (Increases/Decreases/Unchanged)

6

After news of National Marathon Month, at a price of $8, how many braces will be supplied? ... million braces

Demand shift right

Demonstrate how an increase in the price of penne, a different type of pasta, and a decrease in the price of meatballs will affect the supply and demand of spaghetti pasta.

6.7

How many more chicken feet were demanded in 2018, at a price of $1.25 a pound, than in 2008? (in millions of pounds)

shift left

Tuition fees are unexpectedly waived for a semester, increasing each student's disposable income dramatically. What will happen to the demand for ramen?

3

After quitting her job, if shoes are still $50 a pair, Alex will now buy how many pairs of shoes?

shift left

After the first few months of college, students grow to detest ramen. What will happen to the demand for ramen?

B

Assume that a monsoon destroys the coffee crop in Vietnam, one of the world's largest coffee producers. What will likely occur? A. The price of sugar and creamer will increase. B. Consumers will try to find alternatives to coffee due to increases in the price of coffee. C. There will be no change in the market for coffee. D. People will consume more coffee.

4

At $8 a brace, how many will be supplied? ... million braces

0

At a price of $10, there is a shortage of how many calzones? shortage: ... calzones

B

At a price of $12 per movie, A. a shortage of 50 movies occurs. B. a surplus of 20 movies occurs. C. a shortage of 20 movies occurs. D. a surplus of 70 movies occurs. E. equilibrium in the market for movies is reached.

90

At a price of $13, there is a surplus of how many calzones? surplus: ... calzones

Increases

At a week-long special at the grocery store, pork shoulder is on sale at $1.99/lb, down from $3.99/lb. Quantity Demanded (Increases/Decreases/Unchanged)

8

At what price is there a shortage of 60 calzones? price for shortage of 60 calzones: $...

12

At what price is there a surplus of 60 calzones? price for surplus of 60 calzones: $...

D

Based on the demand schedule, you conclude... A. the demand curve shifted to the left. B. there was movement along the demand curve to the right. C. there was movement along the demand curve to the left. D. the demand curve shifted to the right

shift right

Droves of college students funnel into their respective college towns after summer vacation. What will happen to the demand for ramen?

Decreases

Due to increases in hay prices, an input for raising cattle, the price of a gallon of 2% milk increases from $2.98 to $3.25. Quantity Demanded (Increases/Decreases/Unchanged)

demand

During the Great Recession, the average income for an American worker fell sharply. During that time, families began preparing more of their own meals. In the market for meals from restaurants, the (supply/demand) curve changes.

5

If shoes cost $50 a pair, how many pairs of shoes will Alex buy?

D

If the price of tennis balls goes up from $7.99 to $14.99, what can be expected from suppliers of tennis balls as a result? A. The quantity supplied will not change. B. There will be a decrease in quantity supplied. C. There will be an increase in supply. D. There will be an increase in quantity supplied.

shift left

In June 2009, the U.S. Federal Communications Commission (FCC) mandated that all over-the-air television broadcasts originating in the U.S. must be broadcast digitally instead of the traditional analog signal. These digital transmissions cannot be decoded by traditional analog TVs but require either a digital decoder be attached to an analog TV or a natively digital TV. Both sellers and consumers were made aware of the upcoming switch from analog transmission to digital several years before the mandate took effect. What happens to demand immediately following the announcement?

shift right

In June 2009, the U.S. Federal Communications Commission (FCC) mandated that all over-the-air television broadcasts originating in the U.S. must be broadcast digitally instead of the traditional analog signal. These digital transmissions cannot be decoded by traditional analog TVs but require either a digital decoder be attached to an analog TV or a natively digital TV. Both sellers and consumers were made aware of the upcoming switch from analog transmission to digital several years before the mandate took effect. What happens to supply immediately following the announcement?

both shift right

Recently, a series of studies have demonstrated the considerable beneficial health effects of food and drink derived from the amaranth plant. This has affected consumer tastes for amaranth flour, pods, root, etc. At the same time, particularly favorable weather has resulted in a bumper crop of amaranth plants.

supply

Researchers develop a higher-yielding, insect-repellant strain of rice. In the market for rice, the (supply/demand) curve changes.

shift left

Spaghetti, a substitute for ramen, decreases in price. What will happen to the demand for ramen?

demand

Spam unveils a new flavor, barbeque, which has students intrigued. The students transition from buying ham to Spam. In the market for Spam, the (supply/demand) curve changes.

increases

Stone and brick are substitutes in home construction. Consider the market for bricks depicted below. Suppose the price of stone increases due to new regulations for the stone quarrying industry. What impact will this have on the market for bricks. Equilibrium price? (Idk/Increases/Remains Constant/Decreases)

increases

Stone and brick are substitutes in home construction. Consider the market for bricks depicted below. Suppose the price of stone increases due to new regulations for the stone quarrying industry. What impact will this have on the market for bricks? Equilibrium Quantity? (Idk/Increases/Remains Constant/Decreases)

Decreases

The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. What effect would this have on the Equilibrium Price? (Idk/Increases/Remains Constant/Decreases)

Decreases

The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. What effect would this have on the Equilibrium Quantity? (Idk/Increases/Remains Constant/Decreases)

supply

The price of goose feathers, an input for pillows, increases sharply. In the market for pillows, the (supply/demand) curve changes?

Equilibrium Price

The price that results when quantity demanded equals quantity supplied is most correctly called the...

A

What happens to the market if a third supplier enters the market, holding all else constant? A. Market supply increases. B. Firm 1 and Firm 2 will lower output to accommodate the new supplier in order to keep market supply constant. C. Market supply decreases. D. The emergence of a third supplier will result in higher prices of stuffed animals.

10

What is the equilibrium price per movie? $...

10

What is the equilibrium price? equilibrium price: $...

creamer

Which of the items is most likely to be a complement to coffee? - decaf coffee - baked beans - creamer - tea