welp

43) Which of the following shifts the supply curve of rutabagas rightward? (A rutabaga is a potato-like vegetable.)

C) a fall in the price of fertilizer used to grow rutabagas

79) Consider the market for frozen yogurt. Assume the market starts at point A. An increase in income causes a movement to point

A) A D if frozen yogurt is a normal good

78) When the demand for a good decreases, its equilibrium price __________ and equilibrium quantity_________

A) Falls; decreases

83) The above figures show the market for HD televisions. If people's incomes increase and HD televisions are a normal good, which figure shows the effect of this change?

A) Figure A

84) The above figures show the market for HD televisions. Blu-ray players can be used to play HD movies. If the price of blu-ray players falls, then which figure shows the effect of this change in the market for HD televisions?

A) Figure A

26) Which of the following is true

A) For an inferior good, when income increases, the demand curve shifts leftward

80) Consider the market for frozen yogurt. Assume the market starts at point A. Which of the following is true?

A) If frozen yogurt is a normal good,l an increase in income leads to a shift from D1 to D2 and a movement along the supply curve

23) Consumers eat salsa with taco chips. The price of salsa rises . How does the increase in the price of salsa affect the demand for taco chips?

A) It decreases the demand for the taco chips.

77) The graph illustrates the market for bottled water. When the price exceeds the equilibrium price, the quantity demanded is __________the quantity supplied and the price of the good will___________

A) Less then; fall

41)Which of the following increase the supply of a product?

A) Lower prices for the resources used to produce the product

60) Assume a competitive market is in equilibrium. There is an increase in demand, but no change, but no change in supply. As result the equilibrium price ____, and the equilibrium quantity_____

A) Rises; increases

36) The supply schedule

A) Shows the relationship between the quantity supplied and the price of a good when all other influences on selling plans remain the same

7) In stores, it is common to find seasonal products marked down when the season ends. What explains this behavior? A) The law of demand is being used to increase the quantity demanded. B) The store is trying to increase its customers' demand for the product. C) The store manager must be trying to drive away customers by selling low quality products. D) The store is trying to increase its customers' incomes by increasing their purchasing power. E) The store is trying to sell the goods and realizes that they are substitutes for other goods whose prices have risen.

A) The law of demand is being used to increase the quantity demanded.

17) Changes in which of the following factors do NOT shit the demand curve

A) The price of the good

54) If the costs of producing pizza increase, which will occur?

A) The supply of pizza will decreases

45) A decrease in the price of a complement in production leads to

A) a decrease in the supply of the good in question

1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a store where people buy physical goods. D) any arrangement that brings buyers and sellers together. E) a place where one good is bartered for another.

A) a physical place where people buy only goods.

21) Which of the following shifts the demand curve for movies rightward?

A) an increase in the price of Netflix, a substitute for movies

38) Which of the following results in a movement upward along the supply curve for movie theater?

A) an increase in the price of movie tickets

44) Mulch is a shredded wood and is a by-product of lumber. Because these two goods are produced together they are

A) complements in production

75) If both supply and demand decrease by the same amount, the equilibrium price

A) does not change

53) The market supply curve is the _____ of the ______

A) horizontal sum; individual supply curves

85) The above figures show the market for HD televisions. If research is published showing that watching HD televisions shows causes eye damages, then which of the figure shows the effect of this change.

B) Figure B

29) Consider the market for cellular phones. Which of the following shifts the demand curve leftward?

A) studies showing using cellular phones can cause brain cancer

6) Which of the following describes the law of demand? When other things remain the same as

A) the price of gas falls, the quantity demanded of gas increases.

69) The initial equilibrium price in the market for web pages is $200 per page and 1000 web pages are created in a month. many new web design firms now enter the market, as a result,

A) the supply of web pages increases and the price falls

64) suppose the equilibrium quantity of a movie ticket is 1,000. If the demand curve shifts____, the equilibrium quantity of movie ticket will_____

A)rightward; increase

74) Kiwis and strawberries are substitutes for consumers. An increase in the price of a kiwi couples with an increase in the number of strawberry growers_____the equilibrium price of a pound of strawberries and ______ the equilibrium quantity of strawberries

B) Probably changes, but more information is needed to determine if it rises or falls; increases

66) Suppose that the equilibrium price and quantity of new house both increase. Which of the following could be a cause of this change?

B) The demand for new houses increases, and the supply did not change

35) Which of the following helps explain why the law of supply exists

B) The law of increasing opportunity cost

39) Which of the following increases the quantity supplied of yoga pants but does NOT increase the supply of yoga pants

B) an increase in price of yoga pants

51) Which of the following leads to an increase in the quantity supplied but an increase in supply?

B) an increase in the products price

27)Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive,easy to prep, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their ramen noodle purchases significantly. In this case, ramen noodles are...

B) an inferior good

57) a surplus of cardboard boxes means that

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

65) If the price of tangerines increase, the price of oranges also rises because

B) consumer consider the two goods substitutes and demand for oranges increases

72) If both the supply and demand curves shift simultaneously, we can always predict what will happen to

B) either the price or the quantity, but not both

48) Researchers found a hybrid of corn is cheaper to grow. This technological breakthrough

B) increases the supply of hybrid corn

22)Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decrease, the fall in price

B) shifts the demand curve for natural water leftward

18) If the demand for used cars decreases after the price of a new car falls, used cars and new cars are

B) substitute goods

81) Consider the market for bread. If the price of wheat rises, then the

B) supply curve of bread shifts leftward

70) An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of

C) a decrease in supply

4) What is the "quantity demanded"? A) the amount of a good people desire B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people are able and willing to buy at all possible prices D) the maximum amount of a good that can be consumed during a specific time period E) the minimum amount of a good that people are willing to buy during a specific time period and at a given price

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

56) Market equilibrium occurs when

B) the quantity demanded equals the quantity supplied

46) If the number of companies producing memory chips increases, then the

B) the supply of memory chips increases

24) What happens to the demand for a good if a complement's price increases?

C) The demand decreases and the demand curve shifts leftward

16) A change in the demand for apples could result from any of the following EXCEPT A) a change in the number of buyers. B) increased preferences for fresh fruit consumption for health reasons. C) a change in the price of an apple. D) a change in the price of a banana. E) a change in income.

C) a change in the price of an apple.

49) Which of the following increases the supply of a good and shifts the curve rightward?

C) a technological advance in how the good is produced

55) Which of the following will increase the supply of a product?

C) an increase in the number of sellers

32) To be part of the supply for a good, a p[roducer must be

C) both able and willing to supply the good

71) In Great Britain, raising taxes on gasoline has increased the costs of supplying gasoline. AS a result, the equilibrium quantity of gasoline______, and the equilibrium price of gasoline_____

C) decreases ; rises

19) Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the

C) demand for apple computers decreases

3) Which of the following statements is true about a competitive market? A competitive market A) must have a physical location. B) includes markets for goods and services but not for inputs. C) has so many buyers and sellers that no one can influence the price. D) has one seller competing to sell his or her product. E) has a handful of sellers but always has many buyers

C) has so many buyers and sellers that no one can influence the price.

34) The law of supply states that, other things remaining the same,

C) if the price of a good increases, the quantity supplied increase

76) If both producers and consumers believe that a product's price will rise in the future, then at the present

C) increases; decreases

52) "Other things remaining the same , if the price of a good rises, the quantity supplied of the good increase." This sentence describes a

C) movement along a supply curve

62) When a demand curve shifts right and the market moves to a new equilibrium, then the

C) quantity supplied increases

59) Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price, a

C) surplus exists and the price falls to restore equilibrium.

61) If a market begins in equilibrium and then the demand curve shifts leftward, a

C) surplus is created, which is eliminated by a fall in price

40) When the price of oranges increases

C) the supply of oranges

82) Consider the market for peanut butter. If there is an increase in the price of peanuts,

D there is a decrease in the supply of peanut butter

37) A supply curve

D) Both answers B and C are correct (B)slopes upward (c)is a graph of relationship between quantity supplied of a good and its price

20) Which of the following increases the demand for a good or service?

D) a rise in the price of a substitute good or service

42) Which of the following does NOT increase the supply of personal computers, that is, does NOT shift the supply curve of personal computers?

D) a rise the price of a personal computer

50) The above figure illustrates the market for corn. If point "a" represents the original equilibrium and point "b" the new equilibrium, which of the following have caused the change?

D) an improvement in the technology of producing cars

63) An increase in both the equilibrium price and quantity can be result of

D) an increase in demand

1) A market is defined as A) a physical place where people buy only goods. B) a physical place where people buy both goods and services. C) a store where people buy physical goods. D) any arrangement that brings buyers and sellers together. E) a place where one good is bartered for another.

D) any arrangement that brings

67) Computer chips are a normal good. Suppose the economy slips into a recession so that income falls. As a result, the demand for computer chips_____so that the price of a computer chip _____

D) decreases; falls

73) A competitive market is in equilibrium. Then there is an increase in demand and an increase in supply. The equilibrium price________, and the equilibrium quantity_________

D) perhaps changes but we can't say if it rises, falls, or stays the same; increases

28) Suppose hat 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?

D) preferences

58) When there is a surplus of snowboards, the

D) quantity of snowboards is greater than the quantity of snowboards demanded

33) The quantity supplied of a good or service is the

D) quantity produced at one price

47) If the number of sellers decreases, then the supply curve _______ and the supply _______

D) shifts leftward; decreases

25) If the demand for a good increases when people incomes increase,

D) the good is a normal good

5) The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises, A) the demand curve shifts rightward. B) the demand curve shifts leftward. C) there is a movement down along the demand curve to a larger quantity demanded. D) there is a movement up along the demand curve to a smaller quantity demanded. E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.

D) there is a movement up along the demand curve to a smaller quantity demanded.

68) Assume a market is in equilibrium. There is an increase in supply, but no change in demand. As a result the equilibrium price ______, and the equilibrium quantity.

E) falls; increases