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Exam 3: Supply and Demand

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Question 41

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Which of the following is NOT true of a demand curve?

A) It has negative slope.
B) It shows the amount consumers are willing and able to purchase at various prices,holding other factors constant.
C) It relates the price of an item to the quantity demanded of that item.
D) It shows how an increase in price leads to an increase in quantity demanded of a good.

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

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Question 42

Multiple Choice

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Shelly purchases a leather purse for $400.One can infer that:

A) she paid too much.
B) her reservation price was at least $400.
C) her reservation price was exactly $400.
D) her reservation price was less than $400.

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

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Question 43

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Last summer,real estate prices in your town soared.You started noticing more "For Sale" signs in your neighbors' yards.You conclude that:

A market comprised of a downward-sloping demand curve that intersects an upward-sloping supply curve is said to be stable because:

The tendency of markets to automatically gravitate toward equilibrium is an application of which core principle?

Assume the demand for coffee increases while the supply decreases.Which of the following outcomes is certain to occur?

If a market is in equilibrium and demand increases while supply decreases,the change in the equilibrium price is ________ and the change in the equilibrium quantity is _________.

Gertie saw a pair of jeans that she was willing to buy for $35.The price tag,though,said they were $29.99.Therefore:

When two people agree to a price in a negotiation,we can assume that:

In Cuba,a bureaucratic committee makes the production decisions for the country's firms and factories.Therefore,Cuba is an example of a:

A seller's reservation price is generally equal to:

Suppose you bought three tickets to a concert in advance at the University ticket window.At the last minute one friend cancelled,so you could use only two of those tickets.You scalped,or sold,the third ticket just outside the entrance to the concert for slightly more than the price you had originally paid.Which transaction occurred in a market?

As consumers' incomes increase,the demand for ground beef decreases.Ground beef is called a(n) :

The buyer's reservation price of a particular good or service is the:

Suppose you bought a concert ticket from Ticketmaster for $50,but when you got to the concert scalpers (individuals who re-sell tickets at the event) were selling tickets in the same seating area as yours for $25.What is probably true?

Suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage compared to other available cars.One would expect:

In general,when the supply curve shifts to the left and demand is constant then:

The quantity of Revlon nail polish demanded by Jen decreased after the price of Revlon nail polish increased.Jen decides to find a cheaper brand of nail polish.This is called a(n) :

If,in a particular market,all unexploited opportunities have been realized,one can conclude that:

In general,when the demand curve shifts to the right and supply remains constant then: