Which of the following shifts the supply curve for oranges?
An increase in income for all orange consumers if oranges are a normal good.
Disastrous weather that destroys about half of this year's orange crop.
An increase in the number of orange consumers.
A newly discovered increase in the nutritional value of oranges.
An increase in the price of bananas, a substitute in consumption for oranges.
Which of the following increases the demand for a good or service?
A rise in the price of the good or service.
A fall in the price of the good or service.
A rise in the price of a substitute good or service.
A rise in the price of a complement.
A smaller number of consumers wanting to buy the good or service.
There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand we must
give up because there is no way to find the market demand.
average the price each buyer is willing to pay for each given quantity.
add the quantities that each buyer will purchase at every price.
multiply the price times quantity for each buyer and then add the resulting products together.
add the prices that each buyer will pay at every quantity.
Consumers eat salsa with corn chips. The price of salsa rises. How does the increase in the price of salsa affect the demand for corn chips?
It decreases the demand for corn chips.
It will decrease the demand for corn chips only if corn chips are a normal good.
It has no effect on the demand for corn chips.
It increases the demand for corn chips.
It could increase, decrease or have no effect on the demand for corn chips, but more information is needed to determine the impact.
Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decreases, the fall in price
increases the demand for Mountain Water.
shifts the demand curve for Natural Water leftward.
increases the price of Natural Water.
shifts the demand curve for Natural Water rightward.
More information is needed to determine if the demand curve for Natural Water shifts rightward or leftward.
In the figure above, a price of $15 per dozen roses results in
a surplus.
equilibrium.
downward pressure on the price of roses.
a shortage.
an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Using the data in the table above, at the price of $80 a phone,
a surplus of 25,000 cellular phones occurs.
a shortage of 25,000 cellular phones occurs.
the market is in equilibrium.
a shortage of 55,000 cellular phones occurs.
a surplus of 80,000 cellular phones occurs.
Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular phone is
40,000 and $20
50,000 and $100
60,000 and $50
100,000 and $20
80,000 and $80
Pizza is a normal good. Which figure above shows the effect of a decrease in consumers' incomes?
Figure C
Figure D
Figure B
Figure A
Which figure above shows the effect of a decrease in the number of pizza sellers?
Both Figures A and C
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