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Exam 4: Demand, Supply, and Equilibrium

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Question 31

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The figure below shows Sue's and Carlos' demand curves for gasoline. It would be useful to find the equation of the demand curves to answer the questions below. -Refer to the figure above.If the price of gasoline is 3.00 euros per liter,the total quantity of gasoline demanded is ________ liters.

A) 1,600
B) 2,400
C) 4,300
D) 5,100

E) B) and D)
F) A) and D)

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Question 32

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Which of the following is likely to shift the market demand curve for school textbooks to the right?

A) An increase in school tuition fees
B) A fall in the price of school textbooks
C) A fall in the total income of all consumers
D) An increase in the enrollment rates in high schools

E) None of the above
F) C) and D)

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Question 33

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Two goods are said to be substitutes when a fall in the price of one good ________.

Other things remaining same,a leftward shift in the demand curve will lead to a(n) ________.

The following table shows the supply schedule of bread for three sellers in the economy. Assume that these three sellers constitute the entire market. -Refer to the table above.If the market supply of bread at a price of $4 per loaf is 75 loaves,Seller 2's supply is ________ loaves.

At a price of $1 per table,the quantity supplied of tables is 100 units,whereas the quantity demanded is 70 units.Given this information,which of the following statements is true?

The following figure shows the demand curves for pens for two consumers. Assuming that the market consists of only these two consumers,what is the market demand for pens when the price is $4?

Scenario: A market researcher asks three consumers, A, B, and C, about their willingness to pay for different quantities of a 20-ounce bottle of Lemon-Lime Gatorade. She collects the following information. -Refer to the scenario above.Derive the market quantity demanded at each price and sketch the market demand curve for the graph below.

The numbers in the table below characterize the market for raccoon skins in Minnesota during the 2010-2011 trapping season. The demand schedule that prevailed in November and December of 2010 is denoted by "Original Quantity Demanded," and the demand schedule that prevailed from late January onward is denoted by "Quantity Demanded-Late January." -Refer to the table above.Given the original demand,at a price of $22 per raccoon skin,there is a ________.

Which of the following best describes the difference between a demand curve and a demand schedule?

The following figure shows the demand and supply curves for USB flash drives at different price levels. D is the demand curve, and S₁ is the initial supply curve. -Refer to the figure above.When the demand curve for flash drives is D and the supply curve of flash drives is S₁,the equilibrium price is ________.

The figure below shows Sue's and Carlos' demand curves for gasoline. It would be useful to find the equation of the demand curves to answer the questions below. -Refer to the figure above.If the price of gasoline is 12.00 euros per liter,the total quantity of gasoline demanded is ________ liters.

Should an economist consider a Web-based job search portal like Monster.com as a market?

Scenario: Suppose Major League Baseball (MLB) is considering expansion to a U.S. city that currently does not have a MLB franchise. The league has compiled the following information on five cities viewed as the top contenders for an expansion franchise: MLB decides Charlotte is the most attractive candidate to receive an expansion franchise and is contemplating how demographic and economic information is likely to affect demand to attend MLB games in Charlotte. -Refer to the scenario above.Household income is expected to grow by 5.5 percent per year in Charlotte.If MLB game attendance is a normal good,income growth will cause a(n) ________.

How does the study reported in the Evidence-Based Economics element in this chapter demonstrate the law of demand?

The following table shows the market demand schedule and supply schedule for notebooks. -Refer to the table above.What is the equilibrium quantity of notebooks?

The ________ plots the relationship between prices and the quantity producers are willing to sell.

Using graphs,explain how the equilibrium price and quantity of laptops will change when: a)the demand curve for laptops shifts right and the supply curve for laptops shifts left.The shift in the demand curve is greater than the shift in the supply curve. b)both the demand and supply curves for laptops shift right by the same amount. c)the demand curve for laptops shifts right without any change in the supply curve.

Which of the following does NOT have a market in the real world?

The following figure shows the demand and supply curves for USB flash drives at different price levels. D is the demand curve, and S₁ is the initial supply curve. -Refer to the figure above.When the demand curve for flash drives is D and the supply curve of flash drives is S₁,what is the shortage in the market if the price is $4?