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Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Designer clothes: consumer confidence in the economy improves. A) A. B) B. C) C. D) D. Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Designer clothes: consumer confidence in the economy improves. A) A. B) B. C) C. D) D. Figure 3.1 Shifts of Supply and Demand Designer clothes: consumer confidence in the economy improves.


A) A.
B) B.
C) C.
D) D.

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

Correct Answer

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D

If the actual market price were fixed at $15 per unit in Figure 3.2, If the actual market price were fixed at $15 per unit in Figure 3.2, Figure 3.2 Supply and Demand A) There would be a surplus of 40 units. B) There would be a surplus of 20 units. C) There would be a shortage of 40 units. D) There would be a shortage of 20 units. Figure 3.2 Supply and Demand


A) There would be a surplus of 40 units.
B) There would be a surplus of 20 units.
C) There would be a shortage of 40 units.
D) There would be a shortage of 20 units.

E) A) and B)
F) All of the above

Correct Answer

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Which of the following is a market transaction?


A) A stock increases in value over the 30 years that it is owned.
B) A college student purchases a laptop computer.
C) Weather destroys a farmer's crops, leaving the farmer unable to buy groceries.
D) A radio station changes its programming from classical to rock.

E) None of the above
F) A) and B)

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If there is a surplus at a given price, then


A) The market is in equilibrium at that price.
B) That price is greater than the equilibrium price.
C) That price is lower than the equilibrium price.
D) The price is zero.

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

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One of the two reasons why we are driven to buy and sell goods and services in the market is that most of us are incapable of producing everything we want to consume.

A) True
B) False

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Complete Table 3.1. Then answer the indicated question. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $8, the market will A) Be in equilibrium. B) Experience a surplus of 30 units. C) Experience a shortage of 22 units. D) Experience a surplus of 56 units. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $8, the market will A) Be in equilibrium. B) Experience a surplus of 30 units. C) Experience a shortage of 22 units. D) Experience a surplus of 56 units. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $8, the market will


A) Be in equilibrium.
B) Experience a surplus of 30 units.
C) Experience a shortage of 22 units.
D) Experience a surplus of 56 units.

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

Correct Answer

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Which of the following is not held constant along a given supply curve for a good?


A) The cost of factors of production.
B) Price.
C) Technology.
D) Taxes.

E) B) and C)
F) All of the above

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When individual supply curves shift, ceteris paribus, the market supply curve shifts.

A) True
B) False

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Complete Table 3.1. Then answer the indicated question. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, the equilibrium market price is A) $4. B) $6. C) $2. D) $8. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, the equilibrium market price is A) $4. B) $6. C) $2. D) $8. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, the equilibrium market price is


A) $4.
B) $6.
C) $2.
D) $8.

E) A) and C)
F) C) and D)

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In a market economy, which of the following determines the answer to the WHAT to produce question?


A) Direct negotiations between consumers and government.
B) Prices and profit.
C) Government directives.
D) A democratic vote by all consumers.

E) A) and C)
F) A) and B)

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Jessie's demand schedule for candy bars indicates


A) Her opportunity cost of buying candy bars.
B) How much she likes candy bars.
C) How many candy bars she will actually buy.
D) Why she likes candy bars.

E) C) and D)
F) B) and C)

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Ceteris paribus, if the price of a digital camera rises, then we can expect


A) An increase in the demand for digital cameras.
B) An increase in the quantity demanded of digital cameras.
C) A decrease in the demand for digital cameras.
D) A decrease in the quantity demanded of digital cameras.

E) C) and D)
F) B) and D)

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D

A decrease in the price of electricity can best be explained by


A) A decrease in the population.
B) Abnormally cold winters and hot summers.
C) The increased use of electronic devices such as computers.
D) A growing economy.

E) B) and C)
F) A) and B)

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Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer power bars instead of candy bars. A) A. B) B. C) C. D) D. Choose the letter of the diagram in Figure 3.1 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer power bars instead of candy bars. A) A. B) B. C) C. D) D. Figure 3.1 Shifts of Supply and Demand Candy bars: People become more health-conscious and prefer power bars instead of candy bars.


A) A.
B) B.
C) C.
D) D.

E) None of the above
F) A) and B)

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Ceteris paribus, which of the following is most likely to shift both the demand and the supply curves?


A) Technology.
B) Expectations.
C) The price of the good itself.
D) Income.

E) A) and B)
F) All of the above

Correct Answer

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Complete Table 3.1. Then answer the indicated question. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $2, the market will A) Be in equilibrium. B) Experience a surplus of 30 units. C) Experience a shortage of 22 units. D) Experience a surplus of 56 units. Complete Table 3.1. Then answer the indicated question. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $2, the market will A) Be in equilibrium. B) Experience a surplus of 30 units. C) Experience a shortage of 22 units. D) Experience a surplus of 56 units. Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $2, the market will


A) Be in equilibrium.
B) Experience a surplus of 30 units.
C) Experience a shortage of 22 units.
D) Experience a surplus of 56 units.

E) A) and B)
F) A) and C)

Correct Answer

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A buyer is said to have a demand for a good only when


A) The buyer wants to own the good.
B) The buyer is both willing and able to purchase the good at alternative prices.
C) The price of the good is low enough.
D) An adequate supply of the good is available for purchase.

E) B) and D)
F) B) and C)

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B

If corn and wheat are alternative pursuits for a farmer, a change in the supply of corn will take place when, ceteris paribus,


A) The price of corn changes.
B) The price of wheat changes.
C) The demand for corn changes.
D) Consumers want to buy more corn at the same price.

E) A) and B)
F) B) and C)

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Ceteris paribus, which of the following is most likely to cause an increase in the quantity demanded of perfume?


A) A decrease in the price of perfume.
B) A decrease in tastes for perfume.
C) An increase in income.
D) An increase in the price of electricity.

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

Correct Answer

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Explain the difference between a "change in quantity supplied" and a "change in supply."

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A "change in quantity supplied" refers t...

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