Terms in this set (30)Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good? A. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. B. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. If the supply of a product increases, then we would expect A. equilibrium price to increase and
equilibrium quantity to decrease. B. equilibrium price to decrease and equilibrium quantity to increase. Suppose roses are currently selling for $20 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a A. shortage to exist and the market price of roses to increase. A. shortage to exist and the market price of roses to increase. What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? A. Price would fall and the effect on quantity would be ambiguous. A. Price would fall and the effect on quantity would be ambiguous. In a competitive market, the quantity of a product produced and the price of the product are determined by A. a single buyer. D. all buyers and all sellers. T/F - When the market price is below the equilibrium price, the quantity of FALSE If the demand for a product decreases, then we would expect A. equilibrium price to increase and equilibrium quantity to decrease. D. equilibrium price and equilibrium quantity to both decrease. Soup is an inferior good if A. the demand for soup falls when the price of a substitute for soup rises. D. the demand for soup falls when income rises. Which of the following would shift the supply curve for gasoline to the right? A. An increase in the demand for gasoline. C. An increase in the number of producers of gasoline When supply and demand both increase, equilibrium A. price will increase. D. price may increase, decrease, or remain unchanged. The unique point at which the supply and demand curves intersect is called A. market harmony. D. equilibrium. T/F - A market is a group of buyers and sellers of a particular good or service. TRUE T/F - The quantity demanded of a product is the amount that buyers are willing and able to purchase at a particular price. TRUE T/F
- Whenever a determinant of supply other than price changes, the supply TRUE Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market? A. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. D. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. When the price of a good is higher than the equilibrium price, A. a shortage will exist.
C. sellers desire to produce and sell more than buyers wish to purchase. T/F - A decrease in income will shift the demand curve for an inferior good to the right. TRUE When we move along a given supply curve, A. only price is held constant. C. all nonprice determinants of supply are held constant. When drawing a demand curve, A. demand is on the vertical axis and
price is on the horizontal axis. D. price is on the vertical axis and quantity demanded is on the horizontal axis. If something happens to alter the quantity supplied at any given price, then A. we move along the supply curve. B. the supply curve shifts. A shortage exists in a market if A. there is an excess supply of the good. C. the current price is below its equilibrium price. Suppose that when income rises, the demand curve for computers shifts to the right. In this case, we know computers are A. inferior goods. B. normal goods. Which of the following events will definitely cause equilibrium price to fall? A. demand increases and supply decreases C. demand decreases and supply increases A market demand curve shows how the total quantity demanded of a good varies as A. income varies. B. price varies. T/F - Individual demand curves are summed horizontally to obtain the market demand curve. TRUE A technological advance will shift the A. supply curve to
the right. A. supply curve to the right. Today, people changed their expectations about the future. This change A. can cause a movement along a demand curve. C. can affect today's demand. T/F - A decrease in supply will cause an increase in price, which will cause a TRUE The line that relates the price of a good and the quantity demanded of that good is called the A. demand schedule, and it usually slopes upward. D. demand curve, and it usually slopes downward. T/F - When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage and market price will likely rise in the future to eliminate the shortage. TRUE Recommended textbook solutions
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How will a fall in the price of tea affect equilibrium price of coffee?A fall in price of tea will directly influence the equilibrium price and quantity of coffee. As a result the demand curve of tea will shift to the right. Price of tea will automatically increase the demand of tea but will decrease the demand of coffee. Therefore, there will be decrease in the demand of coffee.
What would happen to the price and quantity of coffee if coffee shops began using a machine that decreases the amount of labor needed to make coffee drinks?What would happen to the equilibrium price and quantity of lattes if coffee shops began using a machine that reduced the amount of labor necessary to produce them? The equilibrium price would decrease, and the equilibrium quantity would increase.
What would happen to the equilibrium price and quantity of lattes If the cost of producing steamed milk which is used to make lattes rises?What would happen to the equilibrium price and quantity of lattés if the cost of producing steamed milk, which is used to make lattés, rises? raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
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What will happen to the equilibrium price and quantity of coffee if the wages of coffee bean pickers fell and the price of tea fell?
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