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Exam 4: The Market Forces of Supply and Demand

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Question 151

Multiple Choice

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A monopoly is a market with one

A) seller, and that seller is a price taker.
B) seller, and that seller sets the price.
C) buyer, and that buyer is a price taker.
D) buyer, and that buyer sets the price.

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

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Question 152

True/False

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When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell.

A) True
B) False

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Question 153

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A yard sale is an example of a market.

Figure 4-22 -Refer to Figure 4-22. At a price of $12, there is a

What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly fell, fewer firms decided to produce peanut butter, and health officials announced that eating peanut butter was good for you?

A decrease in the price of creamer will increase the equilibrium price and decrease the equilibrium quantity in the market for coffee.

Figure 4-27 Panel (a) Panel (b) Panel (c) Panel (d) -Refer to Figure 4-27. Panel (c) shows which of the following?

Fill in the table below, showing whether equilibrium price and equilibrium quantity go up, go down, stay the same, or change ambiguously.

A likely example of complementary goods for most people would be

Which of the following characteristics is required for a perfectly competitive market?

What will happen in the gasoline market now if buyers expect higher gasoline prices in the near future?

Table 4-10 The following table shows the number of cases of water each seller is willing to sell at the prices listed. -Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 500 cases when the price is $5.00, which of the following statements is correct?

The equilibrium price is the same as the market-clearing price.

Suppose that when income rises, the demand curve for doctor's visits shifts to the right. In this case, we know doctor's visits are

In a market, the price of any good adjusts until quantity demanded equals quantity supplied.

Figure 4-7 -Refer to Figure 4-7. The movement from Da to Db could be caused by

According to the law of demand, when price increases the quantity demanded of a good

An increase in demand shifts the demand curve to the left.

If a company making frozen orange juice expects the price of its product to be higher next month, it will supply more to the market this month.

Table 4-12 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: -Refer to Table 4-12. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price?