Microeconomics Ch.4
Refer to the Figure. At a price of
$6, there is a shortage of 40 units.
Refer to the Table. If the market consists of John, Albert, and Phillip and the price decreases by $2, the quantity demanded in the market
Increases by 6 units
Refer to the table. The table contains a supply schedule for a good. If the law of supply applies to this good, then Q1 could be:
0
Refer to the table. If the law of demand applies to this good, then Q1 could be
1,500
Refer to the Figure. If Consumer A and Consumer B are the only consumers in the market, then the market quantity demanded when the price is $4 is
16 units
Refer to the Figure. There is a shortage of
20 units when the price is $8.
Refer to the table. The table contains a supply schedule for a good. If the law of supply applies to this good, then Q1 could be
260
Refer to the Table. If the market consists of John and Albert only and the price decreases by $2, the quantity demanded in the market increases by
3 units
Refer to the Figure. If these are the only two sellers in the market, then the market quantity supplied at a price of $9 is
33 units
Refer to the Table. If the market consists of John and Phillip only and the price decreases by $2, the quantity demanded in the market increases by
4 units
Refer to the Table. If the market consists of Albert and Phillip only and the price falls by $2, the quantity demanded in the market increases by
5 units
When a new study reveals that eating pretzels can increase the likelihood of developing lung cancer, which of the following outcomes is expected?
Both the price and quantity of pretzels will fall.
Suppose that Jarrod receives a pay increase. We would expect
Jarrod's demand for pizza, a normal good, to shift to the right.
Refer to the Figure. Which of the following movements would illustrate the effect in the market for paper of an increase in the price of pulp, used in the production of paper?
Point C to Point D
Which of the following events would cause a movement upward and to the left along the demand curve for flannel sheets?
The price of flannel sheets increases.
Which of the following would most likely serve as an example of a monopoly?
an electric provider
Refer to the Figure. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for replacement windows?
an expectation by firms that the price of replacement windows will increase in the very near future
Refer to the Figure. The movement from S1 to S2 could be caused by
an increase in input prices
The market for haircuts is a
competitive market.
Refer to the Table. If these are the only four sellers in the market, when the price decreases by $4, the market quantity supplied
decreases by 14 units.
A group of pizza buyers and pizza sellers forms a(n)
market
Refer to the Figure. A decrease in demand is represented by a
shift from Demand C to Demand A
Workers in a union at an automobile assembly plant negotiate a higher wage. It is likely that
supply of autos will shift to the left.
Suppose tickets to a baseball game are currently selling for $60 each, but the equilibrium price of tickets is $50 each. We would expect a
surplus to exist and the market price of tickets to decrease.
In the market for haircuts, demand is determined by:
the buyers of haircuts.
A very snowy winter in Boston will cause
the demand curve for snow blowers to shift to the right.
Suppose there are five suppliers of ice cream in the town of Summerville. If the price of ice cream is $2.50 per scoop, Firm A is not willing to sell any scoops, Firm B is willing to sell 25 scoops, Firm C is willing to sell 5 scoops, Firm D is willing to sell 10 scoops, and Firm E is not willing to sell any scoops. When the price of ice cream is $3 per scoop, Firm A is willing to sell 20 scoops, Firm B is willing to sell 50 scoops, Firm C is willing to sell 35 scoops, Firm D is willing to sell 100 scoops, and Firm E is willing to sell 40 scoops. From this information we can conclude that
the market supply curve between the prices of $2.50 and $3.00 is upward sloping.
