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Terms in this set (47)What is depicted in the graph below? an increase in supply Which of the following would cause an increase in the demand for umbrellas? a. an increase chance of rain Assume that this market has only three consumers. Based on the table below, what quantity is demanded by the market at a price of $4.00? 3 If the price of Dell computers increases, what will be the impact on the market for a substitute such as
Gateway computers? a. both the equilibrium price and equilibrium quantity will increase If the
price of General Motors automobiles decreased and the quantity bought/sold increased, which curve must have moved in which direction? a. supply increased If demand increases, what is the impact on the equilibrium price and the equilibrium quantity? a. both price and quantity will increase On the graph depicted below, what quantity would be supplied at a price of $8.00? 20 Which of the following depicts the correct relationship between individual demand curves and the market demand curve? (Assume this market has only two individual consumers.) What is most likely depicted in the graph below? c. an increase in supply Assume that this market has four firms selling guitars as listed in the table below. Which
of the following is true? c. If the price increases from $50 to $80, the quantity supplied by the market will increase by 18 units. *At a price of $50, the firms in the market want to sell a total of 12 units. At a price of $80, the firms in the market want to sell a total of 30 units. Therefore an increase in price from $50 to $80 will increase the quantity supplied by 18. In the graph below, what quantity will be supplied at a price of $2.65? 150 *In this graph, follow the price of $2.65 all the way to the right where is intersects the supply curve. From that point, move down to the horizontal axis to find the quantity of 150. This quantity is the amount that producers would want to sell at a price of $2.65. In the graph below, what quantity will be demanded at a price of $2.65? 100 *In this graph, follow the dashed horizontal at the price of $2.65 to the right where is intersects the demand curve. From that point, move down to the horizontal axis to find the quantity of 100. This quantity is the amount that consumers would want to buy at a price of $2.65. Which of the following depicts the correct relationship between individual demand curves and the market demand curve? (Assume this market has only two individual consumers.) If the price of leather increased, what would happen in the market for leather wallets? b. an increase in price and a decrease in quantity *Hide Feedback If the price of cell phones decreased, what would happen in the market for cellular
service? a. an increase in price and an increase in quantity *The lower price for cell phones would increase the demand for cellular service, depicted as demand shifting to the right. As a result, the equilibrium price and quantity would increase. Basically, consumers would purchase more and more cell phones and cellular service. Eventually, service providers would raise their prices. See the graph below. If the price of Toyotas increased, what would happen in the market for Hondas? a. an increase in price and an increase in quantity *The higher price for Toyotas would increase the demand for a substitute such as a Honda, depicted as demand shifting to the right. As a result, the equilibrium price and quantity would increase. Car buyers might be more inclined to purchase Hondas because of the relative change in price. However, the Honda dealers and salespersons will eventually raise their prices in response to the greater demand for their cars. See the graph below. If the equilibrium price of a Sony 42" plasma television decreased and the equilibrium quantity increased, which curve must have moved in which direction? a. supply increased Which of the following depicts the correct relationship between the supply curves for individual firms and the market supply curve? (Assume this market has only two firms operating.) Assume that U.S. auto workers negotiate a new contract with higher wages for themselves. What would be the impact on the market for new cars? d. decrease in supply Based on the graph below, what price are we most likely to see in this market? At this price, what amount of goods will be bought/sold? price = $2.25 ; quantity = 115 *We would expect any free market to move to the equilibrium price and quantity. To locate this point, find the intersection of supply and demand. In this graph, the intersection of supply and demand is found at a price of $2.25 and a quantity of 115. That is the amount that we would expect to be both bought and sold in this market. If the equilibrium price of new homes decreased and the equilibrium quantity decreased also, which curve must have moved in which direction? d. demand decreased *A decrease in demand would cause consumers to want less of the good in question. As a result, producers would have to lower their prices. We would depict this as a decrease in the equilibrium price and a decrease in the equilibrium quantity. The graph below may help to illustrate the situation. What is most likely depicted in the graph below? d. a decrease in quantity supplied On the graph depicted below, what quantity would be demanded at a price of $8.00? 60 *40 is the equilibrium quantity. This would be both the quantity demanded and the quantity supplied if the price was $16.00; look across from a price of $8.00 to find the correct answer. If the price of gasoline
decreased significantly, what would be the impact on the market for moving services that used large trucks? c. a decrease in price and an increase in quantity *The lower gasoline price would impact producers in a positive manner causing an increase in supply. Try drawing a new supply curve to the right and see how the market equilibrium changes. Assume that an expansion increases the average income level for individuals throughout the economy. What would be the impact on the market for new cars? a . increase in demand If supply decreases, what is the impact on the equilibrium price and the equilibrium quantity? b price will increase and quantity will decrease Which of the following
would not cause an increase in demand for tickets to a college football game? c. a decrease in the price of tickets for this game *The only factor listed that would not increase demand would be the lower ticket prices mentioned in answer D. This would lead to an increase in quantity demanded (movement along the existing curve) as opposed to an increase in demand (creation of an entirely new curve). If the equilibrium price of a good increased and the equilibrium quantity increased, which curve must have moved in which direction? c. demand increased *This would increase quantity but cause a decreased in price. Drawing a graph may be helpful in this case. If a local professional sports franchise drafts a new star player and goes from worst to first in the standings, what will be the impact in the market for tickets to these games? a. an increase in price and an increase in quantity *The team's improvement would impact consumers causing an increase in demand. Try drawing a new demand curve to the right and see how the market equilibrium changes. Which of
the following would cause in demand for Dell computers? c. an increase in the price of Gateway computers *An increase in the price of Gateway computers - a substitute - would cause an increase in the demand for Dell computers. However, a decrease in the price of Dell computers would not cause an increase in demand (entirely new demand curve) it would only cause an increase in quantity demanded (movement along the existing demand curve). Assume that the price of steel decreases significantly. What would be the impact on the market for new cars? b. increase in supply What is most likely depicted in the graph below? d. a decrease in supply Assume that this market has only the three consumers who are listed below. Based on the table below, what quantity is demanded by the market at a price of $2.00? 17 If bad weather destroys a significant portion of the tomato crop, what will be the impact in the market for tomatoes? b. an increase in price and a decrease in quantity Assume that the U.S. government makes a law that reduces all car prices by $2,000. What would be the impact on the market for new cars? e. none of the above *A change in price will cause a change in quantity demanded and a change in quantity supplied but it will not create an entirely new demand curve nor an entirely new supply curve. If supply increases, what is the impact on the equilibrium price and the equilibrium quantity? c. price will decrease and quantity will increase *An increase in supply makes an item less scarce which decreases price. Assume that there is a significant improvement in the quantity and quality of mass transit (buses and trains) in cities throughout the country. What would be the impact on the market for new cars? c. decrease in demand Which of the following would not cause a decrease in supply of dining room tables? d. a decrease in the current price of these tables *The only factor listed that would not decrease supply would be the lower current price mentioned in answer D. This would lead to a decrease in quantity supplied (movement along the existing curve) as opposed to a decrease in supply (creation of an entirely new curve). If demand decreases, what is the impact on the equilibrium price and the equilibrium quantity? d. both price and quantity will decrease *This is another case in which drawing a graph can be helpful. A decrease in demand is depicted as the demand curve moving to the left. Note the change in equilibrium based on the intersection of the supply curve and the demand curve. Which of the following would cause an increase in the demand for iPods? b. a decrease in the price of music downloads Assume that a market exists with only three producers. Of these curves, which of the four could be the market supply curve making the others the individual supply curves? S4 On the graph depicted below, what quantity would be demanded at a price of $8.00? 60 If the price of remaining Falcons tickets increased and the quantity bought/sold decreased, which curve must have moved in which direction? b. supply decreased If the price of GM autos decreases, what will be the impact on the market for GM auto parts - a complement? a. both the equilibrium price and equilibrium quantity will increase What is depicted in the graph below? a. a decrease in supply If supply
increases, what is the impact on the equilibrium price and the equilibrium quantity? c. price will decrease and quantity will increase Assume that this market has only three producers. Based on the table below, what quantity is supplied by the market at a price of $15,000? 975 Students also viewedMacroeconomics Final Study Guide96 terms Mackenzie_Benson9 CHAPTER 620 terms Miriamgalav GDP13 terms kaitlynterranova Supply and Demand PPC27 terms willb323 Sets found in the same folderMonetary Policy16 terms KimberlyDolvin Macroeconomics Midterm140 terms aedost Last Chapter (International)35 terms Karrah_Lee Economics Topic 121 terms KimberlyDolvin Other sets by this creatorWMST Exam 289 terms KimberlyDolvin Aggregate Supply and Demand17 terms KimberlyDolvin Topic 8 Taxation39 terms KimberlyDolvin Economic Topic 4 - Market Limitis26 terms KimberlyDolvin Recommended textbook solutionsPrinciples of Microeconomics7th EditionN. Gregory Mankiw 883 solutions Principles of Microeconomics8th EditionN. Gregory Mankiw 889 solutions
Essentials of Economics2nd EditionPaul Krugman 116 solutions Principles of Corporate Finance12th EditionFranklin Allen, Richard A. Brealey, Stewart C. Myers 601 solutions Other Quizlet setsExam 3 McLarty154 terms Chloelizabeth6 Intro review for entrance exam51 terms roaboa93 Microeconomics FINAL65 terms Katiebeau Peds Chapter 3929 terms steinlefty7 Which would cause an increase in the supply curve of cell phones?If the wages of workers decreases, it means that firms can hire more people and supply more of a good at the same price. Therefore, a decrease in wages will move the supply curve to the right, or in other words, it will cause an increase in supply.
Which of the following would cause a rightward shift the supply curve for cell phone services?Answer and Explanation: An increase in telephone technology would lead to an increase in the supply of telephones, and hence will give the rightward shift in the telephone supply curve.
What will cause the supply of a product to increase quizlet?1) Costs of input: If it costs more to produce a good, then the supply will increase. 2) Productivity: If workers are willing to produce more, than supply increases. Happy workers are more productive. 3) Technology: New machines, chemicals, and programs can cause an increase of productivity.
Which of the following will cause an increase in quantity supplied?The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied.
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Which would cause an increase in the supply curve of cell-phone services quizlet
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